NOT much. Federal Reserve policy will stay on its current track for the moment. Already planned Treasury purchases will go forward, but no new actions are in the works. And inflation?


For the moment, the Fed is not heeding the warnings being sounded by some conservative voices on opinion pages. Which is a good thing; commodity prices have been rising, but the Fed's ability to address that without causing the economy to tank is limited to non-existent. And meanwhile, spare industrial capacity and sustained high unemployment will act as a strong anchor to prices. I know Simon Johnson disagrees, but it's just very difficult to see any upward pressure on wages emerging any time soon.