The question reporters should be asking now is, what did the Federal Reserve Board’s Open Market Committee do for two days last week?
The statement it issued based on its meeting is a rehash of its last statement, which itself was not worth repeating. Check the link from The Wall Street Journal, which you can use to compare the two most recent statements (as well as others), and you’ll see that the Fed mailed it in this time.
These folks are managing our economy. The fate of the world is in their hands. And the best they can do is come up with an update to a previous statement. No wonder the economy has practically flatlined throughout the current “recovery.”
It’s worth adding, though, that the Fed’s Seinfeld approach of having meetings about nothing may be better for the economy and for the American taxpayer than the previous chair’s pronouncements about Operation Twist and unlimited QE programs.
The latest Fed statement starts with this: “Information received since the Federal Open Market Committee met in January suggests that economic growth has moderated somewhat.” Really? What does “has moderated somewhat” mean? And where is the “information” received from? NSA wiretaps? Drones? Ben Bernanke’s blog?