America’s answer to Soviet central planning — the Federal Reserve — yesterday announced it’s determined to hold interest rates to virtually zero for another two years. This will give savers and people who live within their means at least two more years of punishment by ensuring they receive virtually nothing for their savings.
But there was good news in the announcement, which stated in part: “Economic growth so far this year has been considerably slower than the committee had expected” and added, “The Committee now expects a somewhat slower pace of recovery over coming quarters than it did at the time of the previous meeting and anticipates that the unemployment rate will decline only gradually . . .”
I take this as the first sign in a long time that true economic recovery could be right around the corner. These clowns haven’t been right since the financial crisis occurred three years ago — indeed, they failed to see the economic train wreck coming.
I figure if they’ve been wrong all along, they’re probably wrong now.