The US Federal Reserve gave a downbeat assessment of the world’s largest economy on Wednesday as it pointed to slower than expected growth and higher inflation.
In the most significant change to its policy statement, it stripped out all reference to “subdued” measures of underlying inflation and said that the economy is growing “somewhat more slowly than the Committee had expected”. (Yes ... unexpected, it's a real stumper.)
The toxic combination of disappointing growth but higher inflation combined to leave no hint that the central bank will consider further asset purchases to stimulate the economy. More here:
Oh woe is us. No wonder they were taken by surprise ... I mean, what great genius could have predicted this?
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