NEW YORK (CNNfn) - It's almost always tucked in his left hand, held close to his side, and it could be the nation's most reliable economic indicator. Or, at least, that's the theory.
Some "Fed heads" say that the size of Federal Reserve Board Chairman Alan Greenspan's briefcase as he heads into a meeting of his policy-making board is the best indication of whether or not a change of interest rates is in the cards.
The rationale is that if Greenspan wants to alter rates, he will need a lot of documentation to convince the rest of the Federal Open Market Committee. If no change is needed, his briefcase will be relatively light.
Greenspan's briefcase: size does matter
Most analysts, economists and investors think that a quarter-point hike in short-term interest rates is already in the bag. We'll find out later Tuesday.