Lawrence Meyer: Today's Fed Meeting, Boring and Anticipated

Former Federal Reserve governor Lawrence Meyer thinks today's Fed meeting will have nothing of value to offer where the market interest is the highest: policy. "The Fed will have to be cautious about upgrading. It will have to acklowledge that the labor markets have improved. It will have to recognize the increase in commodity prices, and put it in perspective in terms of being transitory and not worry about inflation risks." Lawrence Meyer, co-foudner of Macroeconomic Advisers told CNBC's Squawk Box this morning. "But what people really look at is the final two paragraphs, policy. And, nothing [there]." he noted. On the Fed's reluctance to acknowledge the improvement in the economy and labor markets, Meyer thinks the improvement is still not at a level to merit it. "Growth in the first quarter, one percent for the first quarter, is not at a level where you want to get too optimistic, but the labor market is improving, but the spending data is not telling us anything that is exciting," continues Meyer. The FOMC meeting starts today at 2pm Eastern.