"I am not looking for any major action from this meeting, " says David Jones, an economist at DMJ Advisors.

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David Jones, president of the DMJ Advisors LLC, and a former Wall Street Fed watcher for 35 years, is forecasting 2012 GDP growth at a 2.75% rate.

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David Jones, chief economist at DMJ Advisors, said that in saying it could increase or decrease its bond purchases, the Fed wants to show flexibility: It's ready to respond, whether the economy improves or weakens significantly.

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