Market participants do not expect the Federal Open Market Committee to announce interest rate changes on Wednesday when it ends its two-day meeting here, but plan to closely analyze the FOMC's policy statement for hints as to which problem worries the Fed more: inflation or the weakening economy.

The FOMC consists of 12 voting members seven members of the Board of Governors of the Federal Reserve system, the president of the Federal Reserve Bank of New York, and four of the remaining 11 reserve bank presidents hold eight meetings per year to determine monetary policy.

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