The Fed’s taper of stimulus continues this month, QE purchases are now set at $55 billion (and dropping).
Gone from the statement is the 6.5% unemployment threshold for forward guidance, from now on it will be all “qualititative” which means deciding what they want to do in advance and then weaving an anecdotal tapestry of bullshit around it to justify the action – basically like the rest of us live our lives.
The statement included some language about the continued underlying strength in the US economy. Interestingly, former hawk and current uber-dove Kocherlakota was the lone dissenter.
I’ll add any interesting links I come across below (if anyone says anything important, a big maybe)…