The! Biggest! News! of! the! Day! - Not Ripples from Bear Stearns or Wal-Mart's Banking Move

Here are some of the contenders for today's biggest...news...of...the...day...

• The warning of "deadly ripples" as it is said that "The fallout from problems at two Bear Stearns hedge funds on the verge of collapse could roil the bond market and lead to a tightening of credit"...
• The "back door" move by Wal-Mart (WMT) into banking...
• A change in negotiation tactics for Dow Jones (DJ) as "its board will take over negotiations related to a $5 billion takeover offer from Rupert Murdoch's News Corp"...
• A bid for a partial ownership stake in Dow Jones (DJ) by "Brad Greenspan, a founder of MySpace.com"...
• A look into what the various Dow Jones (DJ) mergers options could mean for the reporters and the properties involved...
• The ongoing hedge fund saga at Bear Stearns (BSC) as the Street tries to "avoid a fire sale in the troubled mortgage-securities market, but at the same time, not get stuck with an exploding liability that could result in steep losses"...
• The purchase of Oakley Inc (OO) by Luxottica Group (LUX)...

While those are all stories worth watching, I think it is obviously clear that the biggest story is this - Fed focus turns to future price pressures...according to a report in The Wall Street Journal, Fed officials "are debating whether to stop calling inflation 'elevated' in their policy statements"...

Yes that is correct - they may actually change a word...of course, the real argument will erupt when they try to agree on where to order lunch from...in the back of my mid, I have wonder about the term "debate"...after my recent viewing of Ben Bernanke I have to wonder if the "discussion" isn't more along these lines...