host: our guest is "wall street journal" reporter sudeep reddy. thank you for joining what is today's meeting expected to do? guest: the fed releases a statement at 2:15 today after its meeting, and it will be the typical statement outlining its views on the economy, but also its prediction on what it expects to do with policy. this has been a very long paulist -- this has been a very long process for the fed from the beginning of this financial crisis in the beginning of the summer of 2007 when it struck home mortgages, mortgage-backed security, and all those risks. the fed started with lower interest rates and has finally taken the interest rates down to the level of 0.5%, down to the level of zero. engaging in several types of credit programs to try to give it a little boost to the economy, and given the kind of dire state that we have been in for the last month. so the fed expanded that in march by buying the loans from treasury securities, and there has been a lot of concern over whether the fed would try to increase that beyond the $300 bill

host: thanks for being with us, sudeep reddy. we will be right back. ♪ >> as of this year's supreme court term comes to an end here chief justice roberts talk about it. then inexperienced panel will review the decisions handed down this past year. live coverage on saturday morning at 9:00 a.m. eastern. >> july 4 weekend, discover and unfamiliar side of george washington as well live from mount vernon with this author. join our three-hour conversation sunday, july 5 c-span2's "book tv" >> how is it is infinite? >> grants and things like that. >> may be from sponsors? >> it might get some government funding. >> viewers? >> 30 years ago america's cable companies created c-span as a public service, a private business initiative. "washington journal" continues. host: for the rest of the hour we're talking about the public auction in the health care plan. what you think about it? you can weigh in on that. how the field of public auction in health care? you can e-mail us or you can tweet your comments. taking a look at "usa today" -- a

sudeep reddy for being on. i met him some time ago in providence. i enjoy his work. i want to ask a quick question. does the federal reserve have a five-year strategic plan? if so, what are its goals and is success measured on a strategic level? guest: thank you for the call, good to hear from you. the fed does not necessarily have a strategic plan. of the past two years most of what it has done has been ad hoc. we certainly did get pretty close to collapse. but that has a plan in terms of how operates and has plans that go out. that might be what the caller is getting out. in terms of what the fed will look like in coming years in terms of policy and regulation, that is what is being developed now. it has created many programs on the fly over the last six months to a year in managing the crisis. it will probably need more of a plan going for. is a managing the exit strategy is one of the main concerns. host: on the the website for "the wall street journal" recently wrote about congress taking on the federal reserve. you raised the question that it failed before, why