Today, Wednesday, the great and the good of the Federal Open Markets Committee (FOMC) will be converging on Washington for their two-day convocation to decide where Fed Funds will be pegged until the next meeting. The verdict will be accompanied by a brief statement which should in turn give an indication of what the committee’s thinking is in terms of the outlook for jobs, growth and inflation. The statement is conventionally very dry, no more than 500 words long and its impact is conventionally not in what it says but in the way in which the wording has changed from the previous statement.