The dollar is critically low. If he comes across too dovish the US Dollar index may fall below 80, I think FED actually measures the dollar with another index but that one is sitting at a 30 year low. The media doesn’t talk about it much but I guarantee you the FED is taking that into consideration. Most of the economic data came in softer than expected but not enough for any FED action. The credit crunch is more of a market event than anything to do with monetary policy but he will probably incorporate some type of language they are aware of the problem and will act accordingly if it begins to harm the economy of which right now it is not (yet) in their view. Bernanke believes in market corrections, this one has only gotten started so he will stay the course. Thats my take.