Dissent and more: 3 things to watch for at the Fed meeting

Comments on financial conditions: The 10-year Treasury yield has pulled back to 5%, a 36 basis-point drop since Oct. 7. The 30-year yield has declined by 40 bps. This has eased financial conditions, which track credit availability in the economy, with a knock-on effect on risk-taking in financial markets. If Warsh acknowledges this easing, it could amp up bets on rate increases in the coming months.

Warsh’s comments on inflation: Consumer price inflation has come in above expectations for two consecutive months. Oil prices remain elevated near $100, and U.S. diesel prices are at record highs. Warsh’s thoughts on the subject could influence the market. Moreover, high energy prices provide little room for him to express bias for growth over inflation.