Although talk of inflation was in the air as Alan Greenspan and Federal Reserve Governor Laurence Meyer spoke at separate functions on Wednesday, both declined to comment on the future outlook of interest rates.

Greenspan, who gave a presentation at Grand Valley State University in Grand Rapids, Mich., avoided the topic of interest rates and focused instead on the importance of education and technology in keeping the global economy strong.

In his speech to the National Association for Business Economics (NABE), Meyer said he saw hints, both in recent data and anecdotal evidence, that pressures over wages may be building in the U.S. economy. He cautioned the group that productivity growth could cause inflation to rise.

Both Greenspan and Meyer did offer the opinion that the central bank should focus on the stock market's effect on the overall economy when it sets interest rate policy.