Because not much change occurred in the economy between the March and April FOMC meetings, there was not much new in the minutes from the April get together and why the April written statement wasn’t much different than in March. With respect to doing more, “several members indicated that additional monetary policy accommodation could be necessary if the economy recovery lost momentum or the downside risks to the forecast became great enough.” While non voting members attend the meeting, 8 of the 10 voting members are big time doves so this comment shouldn’t be a surprise. What is a surprise and also a shame is there never seems to be a discussion amongst Fed members of asking whether 1)Has Fed policy gone way too far already?, 2)Why hasn’t anything they’ve done worked on a sustainable basis? and 3)maybe Fed policy is an actual impediment to a better economy. The assumption remains in most of their minds that easing is good and the more of it even better to boost economic activity without any discussion of the negative consequences that in my opinion so far outweighs the perceived benefits. I sing with my awful voice to Bernanke, “If you wanna make the world a better place, take a look at yourself, and then make a change.”
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