The Federal Reserve Board, which sets US national monetary policy, released minutes from its latest meeting today, striking a tone of temperate growth.
Board members saw moderate improvement in the economy and said there are no plans to modify the Fed’s big bond-buying program aka “quantitative easing.” The group is less worried about falling prices and sees them gradually rising, though they expect inflation to remain below their target of 2%.
Participants noted that with the glut of supply there is still the possibility of further deterioration in the housing market. And while businesses are more optimistic about the economic outlook, hiring is going to remain cautious for the near-term. Sorry.
A market rally took a breather down in anticipation of the minutes, but stocks edged higher after seeing there was nothing unexpected in what the Fed had to say.
You can read all the minutes here.
Minutes of the Federal Open Market Committee December 14, 2010 [Federalreserve.gov]
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Dang, the Fed controls time? They are more powerful than I thought.
Congress can. They can pull the plug on the clock or something, I forgot.
They had the meeting on December 14th. They released the minutes from that meeting today.
Now that I think of it, it did feel like some minutes were missing from the 14th. I’m glad that the fed decided to put them back today…
So now that the Fed has released some minutes, I should stock up?
Nah, don’t worry about it. They’ll just make some more when they run out.
Will the old ones roll over?
As of now…
Dow Jones 11,677.90 +7.15 (0.06%)
Well, I guess .06% is UP.
Stocks were down half way through the day, now they’re closer to even. It’s up from where it was.
Destroy the fed!
Moderate improvement is always good. Sudden, drastic improvement is actually a really, really bad thing.
We could use “sudden” instead of having the smallest post-recession we’ve ever had. I want me some inflation!
You can read all the minutes here.
No, thanks. I’m already having problems staying awake.
Glenn Beck says it’s time to start hoarding gold bars under your mattress!!
No no, you’re supposed to hoard Willy Wonka candy BARS and hope you get a gold TICKET.
I prefer silver. (Well I did)
Gold? Bah. Hardly any use in a post apocalyptic world. Best to stick to hoarding ammo, food & water.
it’s sad when Beck offers more sanity than the head of the Federal Reserve. The only index up is the Dow, at .18%, hardly anything to cheer about. The economy is precarious as ever despite what the Fed would like you to believe.
Bernake? Seriously?
Yeah I saw that too and I was really surprised.
Besides that, its a pretty cool graphic. Someone needs a facepalm though.