NEW YORK (CNN/Money) - - Is it "Fed day" or "Angels Dancing on the Head of a Monetary Policy Pin" day?

The "big" question going into today's Federal Reserve meeting is whether or not the policy statement retains or drops the phrase which says rates are likely to be moved "at a measured pace."

The past six rate hikes, from 1.0% on the Fed's key short-term rate, up to 2.5%, have been just that: a quarter-point per meeting. Now inflation pressures appear to be a bit stronger, there are more signs companies can pass higher prices on to consumers, so the idea is the Fed will drop it's measured pace talk and open the door to "more aggressive" rate hikes, like a half-point move.

And so what if they do?

The strength -- or weakness -- of the economic numbers, from spending to inflation, is still going to dictate what they do. Speeches by Fed officials will still be vetted constantly to see if they are signaling a change. And the Fed may still be just as anxious and uncertain as everyone else over the question of how these high oil prices affect the economy: Do they speed up inflation or eat away at spending power? How long do prices stay this high? Are we seeing another spike up in oil prices to be followed by a big drop or has the oil market carved out a new, much higher range?

Let Mr. G. (that's Fed chief Alan Greenspan for you not so econo types) drop the phrase if he likes. At least he'll get out of the ridiculous semantic box he's locked policy moves in for the past several months.

But don't think the markets will see things much more clearly. There's an oily veil clouding everyone's vision of the economy and it may be awhile before it goes away.

More HaysWire here.

______________________________________

-- Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight.