JEANNE MESERVE, CNN ANCHOR: Today was the day to put the brakes on the U.S. economy, again. Federal Reserve Chairman Alan Greenspan and his interest rate committee went behind closed doors this morning amid predictions of a hefty rate hike to stave off inflation. But 3 1/2 hours ago, new government figures showed overall consumer prices did not go up at all last month. Keeping watch on this story is CNNfn correspondent Bob Beard. Bob, how is this inflation news going to impact what the Fed does?</s>BOB BEARD, CNN CORRESPONDENT: Jeanne, it doesn't look like this inflation news is going to impact what the Fed does and all, most analysts are still -- are still expecting a half a percentage point increase in the bench march Fed funds rate. Later on today we're going to get an announcement about 2:00, 2:15 Eastern time today. There are other inflationary pressures in the economy. A lot of businesses are raising prices, there are also pressure on wages and benefits. Those have been increasing in the last couple of quarters and the Fed is really worried about inflation despite the CPI numbers today. Wall Street is also pretty much priced in a half a percentage point increase. And Alan Greenspan and the Federal Reserve and Federal Reserve policy makers do not want to cause any disturbances with Wall Street today. So most analysts are saying again: 50 basis point increase in the Fed funds rate today.</s>MESERVE: Bob Beard, thanks so much.
CPI Figures Positive as Fed Deliberates