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Fed: Sorry, Our Bad.

Posted on May 21, 2008

FOMC minutes were released at 2:00pm this afternoon. Upon reading the release, Candide suffered a fatal heart attack.The reset of the cheerleading squad of pollyannas simply lost their arguments -- along with their lunch -- that growth is fine, inflation modest, the credit crisis contained.The FOMC lowered their growth forecast, raised their inflation and unemployment forecast. The only omission in the announcement was their new policy, for the first time ever, of buying Index Puts to pay for all of the new Credit Lending Facilities. Markets, which were positive, rolled over and fell 250 point...

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fed , fomc , inflation , online