Don't expect too much in the way of changed language from the post meeting statement from the Fed.

In reality not much has really changed from the last meeting in January.

A small improvement in the jobs market is being offset by fears the damage that could flow from oil prices above $US100 a barrel and petrol prices between $US3 and $US4 a gallon.

Inflation fears are overdone; the overhang of unemployed workers and the glut of houses and other property, plus the continuing output gap in industry tells us that nothing is going to be putting upward pressure on prices in the next few months.

If anything look to profit margins to be eroded.

While the figures suggest that the US economy is on the up and up, there are some warning signs that the economy is struggling to reach the growth velocity where it can surge upwards.

The unrest in the Middle East and its impact on oil and petrol prices is one; another is the uncertainty about Japan in the wake of the quake and tsunami, plus the nuclear problems.

Then there's Europe's debt woes; they will continue despite the deal struck last weekend because Ireland remains unhappy and has the capacity to bring the whole structure down if they are a mind to.

A third factor is the performance of key markets in the past month. Despite the suggestion that the economy is going well, markets and commodities are off their highs (gold and oil don't count).

Copper is down 10%, Wall Street generally is off four per cent, grain prices are down substantially, but 10% in some cases, more in the case of wheat.

In fact commodity indexes are off about 6% since early February, partly because investors are worried about the impact of more expensive oil on economic growth, and continuing signs that China is indeed slowing.

The US economy is thought to have grown roughly at the same pace as it did in the 4th quarter of 201: that's around 2.5 to 3%.

Last week JPMorgan Chase cut its forecast for the March quarter's GDP to an annual 2.5% from the previous 3.5%. That's a sharp cut.

The American economy is not as sluggish as it was midway through last year, but it is not galloping as it has done in previous recoveries.

The huge jobs burden is the big killer and no matter of boosts from Washington, the Fed or business have been able to inject a faster rate of jobs growth into the economy.

Complicating matters for the Fed are two external concerns: what happens when the European Central Bank starts boosting interest rates. That could happen in early April.

Sure the euro will rise and the dollar will fall, but will Ireland's finances worsen, putting more pressure on the new government to do something radical about last year's bailout package.

And the impact of Japan's woes can't be underestimated, even though they won't damage the health of the global economy.

The big question for the Fed was the timing of the ending of the