MUCH ADO ABOUT NO CHANGE. As predicted, those wild and crazy members of the Federal Open Market Committee (FOMC) decided to keep their feet off both the brake and the accelerator, holding interest rates steady at 5.25%, where it has been stuck since June last year. That was widely expected. The important thing is that, despite new evidence that the economy is slowing, their accompanying statement was virtually unchanged from that of their last meeting.
I think they're falling behind the curve, and that could have serious negative consequences for economic growth.
