The Federal Reserve appears to have serious concerns that the economy is heading into a double dip recession. That's the only way to read a report coming from WSJ reporter Jon Hilsenrath.

Couched in the conservative, hedging style of the Federal Reserve,Hilsenrath's column is really a five alarm fire bell. Hilsenrath does not quote anyone by name and merely refers to "Fed officials", but this type of story does not come out without a strong source.