It's all about the Federal Reserve meeting in general and the policy statement issued afterward in particular today.

Everyone is all hyped up that somehow the Fed is going to send a signal of its much-greater readiness to hike rates. Those hopes may be overdone, although there are sure to be some nuanced shifts in wording to signal the Fed's acknowledgement of a stronger economy, and its view that the risk of deflation and inflation are no longer balanced.

If anything, economists are looking to see if they signal that inflation is now the greater worry, a sure indication rate hikes are coming.

In this vein, what will the Fed signal -- if anything -- about rising energy prices?

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Gas and crude oil at new record highs: an inflation worry, or a factor that could slow down the economy? Alan Greenspan has gone to great pains to say the U.S. is much less energy dependent than it was in the past, when big oil price spikes helped tip us into recession.

But he has also flagged surging oil prices as a worry. Whether this is flagged again or not in today's policy statement, it has to be flashing red on the Fed's policy radar screen.  

Kathleen Hays anchors CNN Money Morning and The FlipSide, airing Monday to Friday on CNNfn. As part of CNN's Business News team, she also contributes to Lou Dobbs Tonight.