NEW YORK (CNN/Money) - The debate is getting more heated and the stakes are getting higher: Is the Fed getting closer to raising interest rates or isn't it?

Today former Washington Post reporter and Fedwatcher extraordinaire, John Berry, weighs in saying that the Fed is still months away from hiking rates. As discussed here earlier, even though March payrolls were strong, the Fed in all likelihood wants to see more months of strong jobs before raising its key short-term rate from a 45-year low.

Floyd Norris in the New York Times calls for an end to super low rates, raising the specter of another stock market bubble.

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The Fed's bottom line is making sure that the U.S. economy, still the engine for global growth, doesn't sputter again. The Nasdaq is stuck around 2000, far from the 5000 it hit at the peak. And we don't have a Y2K tidal spending wave fueling it.

Keep your eyes on the economy because that's what the Fed is doing. And they're hoping for growth, praying this is a solid recovery, not waiting to snuff it out prematurely.  

Kathleen Hays anchors CNN Money Morning and The FlipSide, airing Monday to Friday on CNNfn. As part of CNN's Business News team, she also contributes to Lou Dobbs Tonight.