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Growth pessimists, including Larry Summers of Harvard University, reckon a new phase of "secular stagnation" (low growth, low inflation, low interest rates), akin to Japan's malaise, might infect the West at large.To spot which view is right, and get an early hint of rate rises in 2015, savvy investors should study labour markets even more closely than growth and inflation.
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The statements will be scoured for any hint of possible rate rises.
But it is unclear whether Mr. Greenspan's turnabout is inspired just by a communications problem or whether he and his colleagues on the central bank's interest rate policy committee have determined that recent positive data on new claims for unemployment benefits, consumer confidence and other indicators require him to pull back from his hint of another rate cut.
Mr Carney told the Treasury Committee that his earlier hint of a rate rise before the end of the year was intended to spur markets to adjust expectations.
Fannie and Freddie will be a major focus if the officials comment on the current turmoil, and Bernanke's words will be dissected for any hint of interest rate action.
Many of them acted on it [with] hiring and investment that reinforced the strength of the recovery and the balance of the recovery". Mr Carney told the Treasury Committee that his earlier hint of a rate rise before the end of the year was intended to spur markets to adjust expectations.
In words that investors immediately recognized as a hint of lower rates, he vowed to "act in a timely manner" and "provide adequate insurance against downside risks".
During ordinary cycles the first hint of higher rates and possible Fed tightening will cause shudders to ripple through the markets with the warning of tougher times to come.
Reed praised the amount of detail and said that "at no stage did we ever see even a hint of frame-rate drop or v-syncing glitches".
Whether an interest rate cut or a hint of an interest rate cut will have anything other than a momentary effect is by no means clear.
Wall Street is hoping for hints of more rate cuts, which could further loosen the credit markets and fuel spending.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com