So far so good for the Federal Reserve as it surveys fallout from the Greek "no" vote. The financial chaos some predicted has yet to unfold, and the impact for now looks benign for the U.S. economy.

"The main way the Fed will look at it is to say, 'These events abroad—do they tighten financial conditions, or do they ease financial conditions?'" said Torsten Slok, chief international economist at Deutsche Bank AG in New York. "The irony is, they have eased financial conditions because U.S. rates have declined."

While stocks and Treasury yields are lower, there's no sign of panic in financial markets. For the policy-setting Federal Open Market Committee (FOMC), the focus remains on whether the U.S. economy has enough momentum to sustain a moderate increase in short-term borrowing costs in September. At least one obvious risk—a substantial shock to wealth from a downturn in financial markets—hasn't shown up.

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