Wednesday, October 30, 2013
As the GOP continues to put the brakes on the economy
The Fed is still trying with its only remaining tool to stimulate the economy.
The Federal Reserve, still uncertain that the American economy can grow unaided, announced on Wednesday it would press ahead with its stimulus campaign of asset purchases and low interest rates.And as long as the Republican/Teabaggers persist with their anti-growth policies, the result of the Feds efforts will only pour more of the national treasure into the hands of the 1%. Is that a great incentive for the Republican/Teabaggers or what?
The statement contained no surprises, and the stock market edged slightly lower. The Fed was widely expected to continue adding $85 billion a month to its portfolio of Treasury securities and mortgage-backed securities, particularly after the disruptive partial shutdown of the federal government in the first half of October.
The Fed maintained a relatively optimistic economic outlook in the statement, released after a scheduled two-day meeting of its policy-making committee. It said the economy continued to expand “at a moderate pace” and that the availability of jobs continued to improve.
But the Fed reiterated its blunt assessment that “fiscal policy is restraining economic growth,” referring to enacted cuts in federal spending and the unresolved, episodic standoff over the federal budget.
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