I think the Fed will get rid of the reference about what to do in the future. I think they will make the statement as plain vanilla as possible, and they won't try to send a strong signal one way or the other.
More Quotes from Mark Zandi:
The largest source that drove the very strong growth over the last year was this powerful replacement cycle, which is fading, ... The need to replace inventory is over.Mark Zandi
I think they will tighten, but there is a much higher level of uncertainty regarding this decision than at any one since they started over a year ago.
Mark Zandi
They don't have Greenspan's practical edge to them, but they all have academic and government policy experience. I hesitate to say they won't live up to Greenspan, but that would be hoping for an awful lot.
Mark Zandi
The Fed chair doesn't matter a lot to the average person in normal times. He matters an awful lot when things aren't going well -- when the financial markets freeze, or there's a 911 or Y2K or Iraq war. When people lose confidence, the Fed chairman is vital to restoring confidence and ensuring functioning financial markets and economy.
Mark Zandi
If we get a string of bad data on inflation, the Fed will probably have to tighten for a bit longer.
Mark Zandi
Inflation is still low and modest, but there are growing signs that it is starting to pick up.
Mark Zandi
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