Yes, we’ve already discussed the word “considerable” at considerable length, in relation to its use by the Federal Reserve Board in its recent policy statement.
But apparently we are on to something of a considerable size. Maybe it was a slow news day, but The New York Times devoted an article to the Fed’s use of the word, noting that “Federal Reserve officials are looking for a new way to reassure investors that they are not ready to start raising interest rates.”
Commenting on the “considerable time” reference in the policy statement, The New York Times article reported that an account of the meeting “suggests that officials are trying to find a new way to say the same thing.”
Think about that. Unemployment remains high, inflation goals are not being met, the Fed is holding trillions in bonds it will eventually have to sell and the stock market is acting wobbly … but the Fed is looking for a “new way” to say “considerable.”
Fed Chair Janet Yellen could just say the Fed is not ready to start raising interest rates. She could say the Fed is not planning to raise rates “for a long time,” which would be reassuring to investors. Or members of the Federal Open Market Committee could go to an online thesaurus and come up with more than a dozen synonyms in seconds.