Inflation is running well above the target rate and unlikely to subside until June.

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There are few signs that inflation is likely to be a threat in the near future, it is well below the ECB's target rate of 2% in any case.

BBC: Eurozone and US inflation falls back on weaker oil price

Just last week, the European Central Bank raised its interest rate target to 1.25% still well below the 2.6% inflation rate in the Eurozone.

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At present, both main measurements of inflation continue to be well above the Bank of England's 2% target rate.

BBC: Treasury committee: Bank of England's Mervyn King

But he might not like a further corollary: under a target-zone system, responsibility for exchange-rate management, as well as for controlling inflation, has to be given to the same policymaker.

ECONOMIST: Off target

The Bank has so far allowed the rate to overshoot the target, with expectations that inflation will remain well above the 2% target for the next two years, to avoid harming the economy.

BBC: Budget 2013: Bank of England gets new orders

In the same month, consumer-price inflation picked up to 4%, the highest rate since the euro's launch and well above the ECB's target ceiling of 2%.

ECONOMIST: The euro-area economy

In particular, observers look for Fed officials to discuss what to do when the program known as Operation Twist ends, as well as to discuss setting numerical targets to signal how long policy-setters will keep the target federal funds rate at essentially zero.

FORBES: Deep Discussions But No Action Expected At Two-Day FOMC Meeting