NEW YORK (CNN/Money) - The week kicks off with some more Federal Reserve speakers and markets listening once again for any hints about how "measured" or "aggressive" the Fed intends to be in raising interest rates.

Last week Big Chief Greenspan seemed to try to signal, "Don't be so worried ... we think inflation is going to rise gradually and we'll be gradual in raising rates too."

Now, just a week or so before that he seemed to be sending a wake-up call, a la, "Hey, don't think we're asleep at the switch - we'll be aggressive if we have to be."

Bottom line, they don't know yet what they're going to do because they no more have a crystal ball on the economy than anyone else does.

Their critics say they should wake up and smell the fumes of the inflation percolating up in the economy. Others say they're wise to wait and see what happens rather than rely on forecasts and indicators that are never 100% reliable.

This camp says the risk of a little more inflation than intended is worth being sure the economy doesn't suddenly start losing ground again. The risk of the latter may be small, they say, but the cost would be high.  

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.