Is The FED All Talk And No Trousers?

Given the importance of the Federal Reserve to the global economy, I always watch the press conference after the Monetary Policy rate decision, the latest of which happened on Wednesday afternoon. Warsh evidently considering doing away with press conferences and on the performance we got, that may not be a bad idea. Actually, he spent the bulk of the 45 minutes offering what can only be described as “spin” on how the economy was performing. There was nothing of any substance. The Federal Open Market Committee voted 9-3 to hold the benchmark federal funds rate in a range of 3.5% to […]