The important part: The FOMC continues to anticipate that economic conditions–including low rates of resource utilization, subdued inflation trends, and stable inflation expectations–are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Full version.

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I was on the road yesterday, so the usual service suffered… The most important piece of news yesterday was FED’s decision to increase the discount rate by 0.25%, to 0.75%. The measure has a marginal real impact on the banking sector, but it could have large psychological impact. The political and media orchestrated  “recovery” pressures […]

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