And Now, Some Slightly Better News from The Fed
On Wednesday, newly released minutes from the Federal Reserve's late-January meeting reflected a more optimistic stance vis-à-vis the next phase of the U.S. economy, but unfortunately, the slightly brighter outlook didn't extend to the Fed's take on the job market.
On Wednesday, newly released minutes from the Federal Reserve’s late-January meeting reflected a more optimistic stance vis-à-vis the next phase of the U.S. economy, but unfortunately, the slightly brighter outlook didn’t extend to the Fed’s take on the job market. –KA
Rock Solid JournalismReuters via Google News:
Minutes of the Fed’s Jan. 25-26 policy session released on Wednesday suggested the consensus was still firmly aligned with completing the planned purchase of $600 billion in government bonds. A few Fed members questioned whether continued stronger data would call for curtailing the program.
Officials believed downside risks to the recovery were dissipating and there was no mention of a potential extension of the bond purchase plan, the minutes showed.
“Participants generally expressed greater confidence that the economic recovery would be sustained,” the minutes stated.
Despite that rosier assessment, policymakers expected only slow progress reducing unemployment and some said it was unlikely the recovery would strengthen so significantly that it would warrant curbing the bond buying plan.
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Market forces are colliding as another U.S. financial crisis brews. Meanwhile, sit tight on the roller coaster.
The September/October issue of Foreign Affairs features an article titled “Print Less But Transfer More: Why Central Banks Should Give Money Directly To The People.” It’s the sort of thing normally heard only from money reformers and Social Credit enthusiasts far from the mainstream. What’s going on?
"Hundreds of pages of transcripts, based on recordings made at the time, reveal the ignorance of Fed officials about economic conditions during the climactic months of the financial crisis," The New York Times reports.
Congress has the power to amend the Fed -- just as it did in 1934, 1958 and 2010. For the central bank to satisfy its mandate to promote full employment and become an institution that serves all the people -- not just the 1% -- the Fed needs fundamental reform.
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