Wednesday, August 10, 2011

US economic prospects in two sentences!

The FOMC policy statement tells you all that you need to know about the US economy (and about the FOMC)!

The US economy has not been in any real state of recovery, the FOMC does not expect any real recovery for the foreseeable future and finally the FOMC has no clue regarding how to improve things beyond a continuation of policies that have failed to work in the past!

Two sentences from the FOMC policy statement tell you all that you need to know!

To promote the ongoing economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent.

The Committee currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.

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