The FOMC statement was almost identical to the one given in Nov with slight tweaking in the 1st paragraph on the economy. In the Nov statement they said that data they’ve seen “confirms that the pace of recovery in output and employment continues to be slow.” Today they said that info received since Nov “confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment.” The rest was about the same as the Nov statement. Considering all that has happened since the last meeting where interest rates have spiked higher, some Congressional members want to end the Fed’s dual mandate, Ron Paul was named Chairman of the Domestic Monetary Policy subcommittee that will oversee the Fed, they’ve received global criticism on their policy and we’ve seen Ben on 60 Minutes, boring is what they were likely trying to achieve and it worked.
Read this next.
Previous PostLate Day Reads