"To my mind, the reason for adopting and maintaining the current stance of policy is that it promises to keep the overall economy on an adjustment path where growth is moderate and sustainable. The virtues of this path are that it avoids exposing the economy to unnecessary risk of a downturn, while, at the same time, it is likely to produce enough slack in goods and labor markets to relieve inflationary pressures. I believed a year ago, and still believe now, that such a path is likely and will enable us to achieve our dual mandate—low and stable inflation and maximum sustainable employment."
If this is the best the US can muster up to lead the most important financial institution in the world, one on which the markets hang on every word, then God help us all. This global monetary / financial system is the Titanic with a captain that can barely see past her own nose. All we are doing is waiting for the iceberg!
