Despite rising voices of discontent in the Fed, with a vocal minority warning of the risks of QE and continued monetary easing, and in the face of an improving economic environment, the FOMC will once again assure market participants it has their back.
But no, in the interest of full transparency, we had Bernanke warning about how the Fed expected still more negative pressure ahead from the housing collapse, worsening labor markets, a credit crunch that may have still more shoes to drop, and revealing that the Fed was also beginning to worry about the potential for rising inflation.
Alan Greenspan, the Fed's chairman, gave a warning this week that interest rates would have to be raised faster than expected if inflationary pressures intensified.