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To: Les H who wrote (5226)	1/28/2003 3:00:01 PM
From: Softechie	Respond to of 29599

FOMC/Meet -2: Decision Expected Around 2:15 p.m. EST Wed 28 Jan 14:31 WASHINGTON (Dow Jones)- The Federal Open Market Committee's two-day meeting began as scheduled at 2:30 p.m. EST Tuesday, the Federal Reserve said. The Fed will announce its decision on short-term interest rates around 2:15 p.m. EST on Wednesday. The Fed is widely expected to leave interest rates unchanged and to state again that risks to the economy are balanced between inflation and economic weakness. A few economists look for the Fed to state that the risks to the economy are tilted more toward economic weakness. A Dow Jones/CNBC survey of 20 of the 22 primary dealers on Monday found that all of the responding dealers expect the FOMC to leave the federal funds rate unchanged at 1.25%. Primary dealers are banks that do business directly with the Fed. Most dealers expect the Fed to state that the risks to the economy are balanced, the survey showed. A few dealers look for the Fed to say the risks are now tilted toward economic weakness. In addition to the seven members of the Fed board, five of the 12 regional bank presidents also will vote at the two-day meeting. As president of the New York Federal Reserve Bank, William McDonough is a permanent member of the FOMC. Also voting will be Richmond Fed Bank President Alfred Broaddus, Atlanta Fed Bank President Jack Guynn, San Francisco Fed Bank President Robert Parry and Chicago Fed Bank President Michael Moskow. -By Deborah Lagomarsino, Dow Jones Newswires; 202 862 9255; deborah.lagomarsino@dowjones.com (END) Dow Jones Newswires 01-28-03 1431ET