Should the Fed do nothing?

When I was growing up, my parents had a poster in our house with the words "Not to decide is to decide" in bold black letters. Though the quote from Harvey G. Cox of the Harvard Divinity School had nothing to do with the Federal Reserve, it is nonetheless apropos.

As media sources point out, the last thing that Federal Reserve Chairman Ben Bernanke wants Wall Street to think is that he's going to act rashly. The Associated Press bluntly argues that "most economists predict Fed Chairman Ben Bernanke and his colleagues won't launch any bold new efforts at the end of a two-day meeting Wednesday."