They are grossly overpaid

To meet month (actually every 6 weeks) after month and produce variants of this sort of gibberish is pathetic!

The Federal Reserve once again left interest rates unchanged at a range of zero to a quarter of a percentage point, postponing a return to what it calls normal rates and reiterating that “it can be patient” in deciding when to begin raising rates.

The Federal Reserve’s open market committee added that once it begins to raise rates, which most analysts expect will take place around the middle of the year, “economic conditions may, for some time” result in interest rates “below levels the Committee views as normal in the longer run.”

6 thoughts on “They are grossly overpaid

  1. For once I’ll disagree with you Marcus! I had a revelation as I was watching utility workers scramble around to get the power back up after a recent snowstorm in the Northeast. Sometimes they appear to be overpaid but they (hopefully) earn their keep at important moments. Now let’s see if the central bankers earn it…

    • Ravi, bad analogy. The utility workers scrambling around to fix a problem which was not of their making has no correspondence with “monetary workers” “sitting on their arse” after having dumped the monetary power lines!!!

  2. As always, excellent blogging and right on target (or over it, so to speak). They still include the same “pathetic” prophesy in the statement that inflation will move closer to their 2% target over the medium term that they’ve had there since 2010 along other glaring inconsistencies with reality.

  3. It gets worse:

    ‘The Fed did note that “if incoming information indicates faster progress toward the Committee’s employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated.” The statement was unanimous.’

    Of course it was unanimous, 1 does equal 1. Who actually writes this stuff?

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