Federal Reserve Won't Say What It Should

This week, officials at the U.S. Federal Reserve will meet to discuss their next moves in managing a disappointing economic recovery. Unfortunately, they're not likely to say what they should.

I expect that the Fed will leave its target range for short-term interest rates unchanged at a quarter to a half percent, and won’t alter its long-term asset holdings. That's partly because little has changed in the economic data since the central bank's last policy-making meeting in September, when it also decided not to act.