I’m not around at the moment to comment on the results of today’s FOMC (Federal Open Market Committee) meeting that concluded a few minutes ago, likely to have resulted in some sort of announcement about the central bank’s communication policy and an enhanced economic/policy forecast, but, when I’m able to catch up on this and Fed Chief Ben Bernanke’s press conference, I’ll try to put something up later in the day.
Based on what I’ve been reading about an extension of the Fed’s freakishly low interest rate guarantee, we’re probably looking at the situation to right.
This is not going to make savers happy, but, if you like to borrow money, you’re likely to get lower rates for a while longer.
Come to think of it, those low-rate credit card offers could be arriving in our mailboxes for the rest of the decade.
Anyway, I’m hoping that someone asks Bernanke about the 2006 FOMC meeting transcripts and how the nation’s brightest economists could have been guffawing all year long when they maybe should have been looking at the rapidly inflating housing bubble that would burst a year or two later.
See The Fed’s Housing Bubble Laughter from the other day for the particulars about this.