The Federal Reserve will acknowledge the economy is weaker when the Federal Open Market Committee meets Tuesday, but they will not issue a policy statement indicating plans to ease monetary policy, former Federal Reserve Board Governor Laurence Meyer told CNBC Tuesday.
"Nobody will favor QE2 (a second wave of quantitative easing), absolutely nobody," Meyer said of the FOMC members. "They are miles away from it."
The committee will likely have a more pessimistic assessment of the economy, and will tone down their view of a strengthening labor market, but they won't take action, said Meyer, who is vice chairman of Macroeconomic Advisers.