“Most of the economic policies that support robust economic growth in the long run are outside the province of the central bank,” he said.And yet the Fed does nothing. Awesome.
"The recent data have indicated that economic growth during the first half of this year was considerably slower than the Federal Open Market Committee had been expecting, and that
temporary factors can account for only a portion of the economic weakness that we have observed. Consequently, although we expect a moderate recovery to continue and indeed to strengthen over time, the Committee has marked down its outlook for the likely pace of growth over coming quarters. "With commodity prices and other import prices moderating and with longer-term inflation expectations remaining stable, we expect inflation to settle, over coming quarters, at levels at or below the rate of 2 percent, or a bit less, that most Committee participants view as being consistent with our dual mandate."
Friday, August 26, 2011
Worse than I thought...
Posted by Thorstein Veblen at 7:46 AM