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It is rare to see such few changes from one FOMC statement to the next. Market participants and linguistics-parsing trading algos alike must have been slightly mystified. We have often commented half in jest in recent years that the FOMC members could just as well skip the meeting and make copies of the previous statement and distribute those, but it has never been more true than this time around.
As always, it all sounds very reasonable and 'scientific' on the surface, but we will continue to confidently maintain that they are as clueless as ever and have no idea what their policies will produce. This is not a comment on the intentions, intelligence, education levels or otherwise general competence of the committee members. Many of them may well have our best interests at heart, even though we obviously disagree with the economic theories they base their decisions on. It
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