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Global Markets in Self-Perpetuating Denial
The central bank circus was on full display this week as the Federal Reserve's Open Market Committee held a two-day meeting only to emerge with another mind-numbing series of excuses for keeping interest rates at zero when the economy is not in crisis.
One such claim was that inflation (as measured by economists) is insufficiently high, despite the fact that the price of real-world goods and services (including gasoline again) are steadily rising. The Fed stated that it's afraid raising interest rates - for the first time in nine years by all of 25 basis points - could send the economy into a tailspin. That isn't only bad policy, it is pathetic.
The central bank circus was on full display this week as the Federal Reserve's Open Market Committee held a two-day meeting only to emerge with another mind-numbing series of excuses for keeping interest rates at zero when the economy is not in crisis.
One such claim was that inflation (as measured by economists) is insufficiently high, despite the fact that the price of real-world goods and services (including gasoline again) are steadily rising. The Fed stated that it's afraid raising interest rates - for the first time in nine years by all of 25 basis points - could send the economy into a tailspin. That isn't only bad policy, it is pathetic.