NEW YORK (CNN/Money) - Two four-letter "words" capture what the focus of the day: FOMC and OPEC.

The Federal Open Market Committee is meeting today and it is so widely expected to raise rates for the tenth consecutive time that it's hard to imagine how this could possibly cause the market to move...or even keep traders awake on another hot summer today.

The Organization of Petroleum Exporting Countries is NOT meeting today but OIL is the big news of the day and the week. And who knows: If spiking oil prices go high enough and stay high enough to finally cause some worsening inflation or a slowdown in the economy, this could even be the big news of the year.

Today it's fears of terrorist attacks in Saudi Arabia and the restart of the nuclear reactor in Iran that have given oil traders yet another reason to buy oil like there's no "oil-glut tomorrow" ahead. In the past, oil spikes have led to oil crashes because high oil prices have helped cause economies to slow by robbing consumers of purchasing power.

OPEC hopes that won't happen because tumbling oil prices lead to excessive oil supplies and even lower oil prices – not good for the big exporters. As for the Fed officials, they know that this spike is different because it is driven not by oil embargoes or wars that cut off supplies but by our own insatiable demand, in the United States and in China.

At today's meeting they no doubt will discuss this, offer opinions and how it will progress, but in the end just hike rates again because they too are uncertain as to how this will play out.

One thing for sure: seeing oil over 64 bucks a barrel is causing many a four-letter word to be uttered today.

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-- Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight. You can read more of her columns here.