Oliver Twisted

The Fed is not going to help the economy today. Not only that, the one dissenting vote was for greater monetary tightness!

The Committee will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.

Please, sir, may I have some more?

Updated: Yglesias agrees: "This is not brain surgery. If inflation had been running too high for a while and was seen as likely to continue to be too high for a while more, the Fed would act to bring it down. By the same token, if inflation has been running too low for a while and is seen as likely to continue to be too high for a while more, the Fed should act to bring it up. But they’re—well—they’re not going to do anything for no clear reason."

Beckworth sees more reason for optimism in that there is some recognition that inflation is currently low and likely to remain so. If they really believed that, they would show it.