This transcript has been automatically generated and may not be 100% accurate.  ... you know the saying that talk is cheap ... for the Federal Reserve is actually expensive ... ever summit talks about living away from its easy money policies ... the market seem to be responding in ways that make it harder for the Fed to follow through on its plans ... we saw an example of this in twenty thirteen when the Fed started talking about ending its bond buying program ... known as quantitative easing ... interest rates were not that the mere mention of a less accommodating Fed ... then the housing recovery Saul ... became known in the financial markets as the taper tantrum ... the Fed was so frightened by has put off the tapering to begin planning to do for three months ... something similar is happening right now but not in bond markets ... is happening with U S dollar ... started talking about raising short-term interest rates later this year ... rates have been near zero since two thousand ate ... the talk about raising rates in turn has pushed the dollar up ... by fifteen percent since last July ... investors want better yields they can get in the U S ... compared to say Europe or Japan ... rates are negative in many ways ... this dollar movie is even bigger one was on the late nineteen nineties during a technology ... interesting value of the currency in turn ... can hurt us exports slowing the recovery ... and the faster pace of growth that the Fed wants to see the Fed might have to respond to all this by delaying the interest rate increases that it's been talking that ... that is the Fed saliva as officials prepare for the Maple Paulsen ...
Each time the Federal Reserve has suggested it will pull back on easy money policies, the market’s negative reaction makes it harder to follow through. Talk of a new plan to raise short-term interest rates ahead of next week's Fed meeting is already having an impact. WSJ's Chief Economics Correspondent Jon Hilsenrath reports.