FORESIGHT
What the Fed Says
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All eyes will be on the Federal Reserve this week, as its policymaking committee meets on Tuesday. The central bank is almost certain to leave the federal funds rate unchanged at 2 percent. More interesting will be the language in the accompanying statement. Since its last meeting, when the committee indicated that it had a heightened worry about inflation and that the risks to growth had eased some, oil prices have dropped and financial markets have showed new strains. It is an open question whether policymakers who prefer raising rates to combat inflation -- notably Dallas Fed President Richard Fisher and Philadelphia Fed President Charles Plosser -- will feel strongly enough to vote against the majority.
