Its classic econo-geek work by someone who appears to have gotten stuck in one too many airports:
Release Date: October 30, 2007
For immediate release
The Federal Open Market Committee decided to increase its target for the federal funds rate by 75 basis points to 5 1/2 percent.
Committee is desperately afraid that a more accommodative than usual
stance of monetary policy, coupled with screwy underlying growth in
analyst salaries, is providing marvelous support to economic activity.
However, the relaxation of balance of payments concerns has moderated
gold prices, moderated earnings upgrades, and lowered, generally
speaking, debt markets. These developments, along with the uncertain
stance of monetary policy and ongoing whizzy change in the price of
Nebraska real estate, should foster decreased economic stability over
Although the timing and extent of that decline remains
uncertain, the Committee perceives that over the next five minutes or
so the upside and downside risks to the attainment of sustainable
growth are not balanced. The Committee believes that, taken together,
the balance of risks to achieving its goals is weighted toward
ass-kicking growth for the foreseeable future.
Click Fed Chairman Bernanke to create another fake FOMC release!