Look surprised, fellow cynics:
“The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year. Weaker demand and significantly lower oil prices are holding down consumer price inflation. Overall financial conditions have improved in recent months, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will weigh heavily on economic activity, employment, and inflation in the near term, and poses considerable risks to the economic outlook over the medium term. In light of these developments, the Committee decided to maintain the target range for the federal funds rate at 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.
The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.
To support the flow of credit to households and businesses, over coming months the Federal Reserve will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will closely monitor developments and is prepared to adjust its plans as appropriate.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.
We think we’re is serious doo-doo when the Fed has to come right out and bribe the markets admitting they “…will increase its holdings of Treasury securities and agency residential and commercial mortgage-backed securities at least at the current pace to sustain smooth market functioning…” Which means they can’t see that YET. But hey! It’s only paper.
Paper mache markets are up 80 on the Dow – waiting for the Chair’s comments to follow shortly. “But we call’s ’em like we see’s ’em…” Making Up Money and hope to God no one notices outside of the fifty-three rational people still alive.
If the market is going to fail, look for reaction tomorrow – when the FOMC won’t take the heat but “some other” scapegoat. Bahh! Bahh!
I’ll go pour a shot or two of cynic juice and get back to you in the morning,
George@Ure.net
Is this like putting the Fed on a ventilator and giving the Treasury HCQ,,is the Fed on it’s death throws,,make the Fed eat the interest debt, that makes them rich and US poor?
I don’t know,but I still have HOPE for America to survive this onslaught to kill her
We need to address this virus as an attack on America, we need to do what is best for us as a country, if we focus on the individual,me me me, we as country will DIE and china will fill in the void with it’s tech/social controls
ask not, what this country can do for you,,ask what you can do for this country,,I heard someone say that , at one point in my life
“I’ll go pour a shot or two of cynic juice and get back to you in the morning,”
Speaking of cynic juice.. well I just couldn’t wait..to impatient.. i had tried a new recipe for elderberry wine..
1 gallon elderberry juice
1 12 ounce frozen grape juice
7 cut up oranges (pealed)
7 cut up lemons (pealed)
8 lbs of sugar
1/4 cup of yeast
7 gallons of water
Anyway.. i had some unfinished projects one is a mini bar out of cardboard a platform for the freezer coming..fix the grandsons butterfly net.. ( the most important and first project done)the fix.. probably more than the net..
And getting stuff ready to make earthcrete..anyway after the butterfly net.. I was working on the bar and I kept looking at the wine.. it needs to age a month yet.. it’s still green..and dam I couldn’t help it.. I went and drew a sample..green wine..dam was that good.. its perfect.. tastes like a really expensive wine.
I want to stop the action and clarify it and bottle it..I should harvest and dry the yeast cultures off of it..for future use before I stop it..I might just do that to.
I was going to add some raw honey and slightly sweeten it for a table wine but I’m leaning towards leaving it just as it sits..
The cardboard mini bar is looking good.. the epoxy company had told me that they had doubts on how good it would work on a flexible material.. even if you put a binder on it.. not a word more.. now they have a video up where they used styrofoam..
So it’s full steam ahead..
yep big communist nite .. everybody happy !!! goldies up !! dflation up !! oh or whatever it is , covid up , market up .. comrades we are invincible … a super race of super