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For the Fed, 'bubble' talk may top 'taper' talk

Most Fed watchers have been focusing on the "taper" question, but they may want to start thinking more about the "bubble" quandary.

Federal Reserve policy is expected to remain intact when the U.S. central bank's Open Markets Committee releases a statement later Wednesday from this week's meeting.

The Fed is likely to continue its $85 billion a month bond-buying program, known as quantitative easing, and not taper—both moves within Wall Street expectations.

But with BlackRock CEO Larry Fink suggesting that monetary policy is creating a bubble, and that the Fed should begin tapering immediately, that may move the needle in FOMC talk.

In the accompanying video, CNBC.com's Patti Domm and Jeff Cox hashout the Fed's challenges.

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