Fed set to raise US rates, outlook hazier

By Tim Ahmann
WASHINGTON (Reuters) - The Federal Reserve looks set to lift U.S. interest rates for a 13th straight time on Tuesday and may inaugurate a new phase in its 1-1/2 year credit tightening campaign in which future moves become less certain.

The U.S. central bank is widely expected to bump up overnight borrowing costs by a quarter-percentage point to 4.25 percent. It also may alter long-standing language in its post-meeting statement offering guidance on its policy path.

Members of the policy-setting Federal Open Market Committee are scheduled to gather at 9 a.m. EST (1400 GMT) for the penultimate meeting of Fed Chairman Alan Greenspan's 18-year tenure. They are expected to announce their decision on rates at 2:15 p.m. EST (1715 GMT).

While analysts think the Fed will signal the rate cycle is not yet done, many believe it will change how it characterizes policy to recognize how far rates have risen since the cycle began in June 2004.

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http://today.reuters.com/news/newsArticle.aspx?type=reutersEdge&storyID=2005-12-13T105200Z_01_YUE872069_RTRUKOC_0_US-ECONOMY-FED.xml&archived=False

Rising energy prices, rising interest rates, recession and unemployment. Or maybe this is like 1984 all over again: statism, lack of openness, jingoism...

and less bankruptcy protections....I smell a mid-80's type Savings and Loan debacle...a seisure of lies based on inflated projections, etc.

at least that's what the Brian Williams interview clip said.

Oh, MORE hazier as opposed to less hazier. How about just more shittier and getting really crappy.The shit will really hit the fan by the time Bu$hco has finished their term......DUCK!

Make sure you are wearing the biggest raincoat.

If people don't like how the economy is going, only they can fix it. Everything ultimately comes back to consumer spending.