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What the Fed Won't Say
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It will be a quiet week for economic data, but after Friday's lousy employment report, it may be nice to have a breather. On Tuesday, the Fed will release minutes of its March 18 meeting, when it cut the interest rate it controls by three-quarters of a point. Expect a document that indicates extensive concern about inflation and the slowing economy but offers no strong guidance on what interest rate action the Fed will take next. The minutes will also give details of some central bank decisions meant to improve market functioning but not of the crucial meetings when it intervened to rescue investment bank Bear Stearns. The most significant data this week will be in a report on the trade deficit on Thursday.
-- Neil Irwin
