“Federal Reserve officials extended their efforts to boost the sluggish U.S. economy and said they were ready to do more if necessary to spur job growth.
They acted despite worries inside and outside the Fed that the central bank already has done all it can do to invigorate the disappointing economic recovery.
The Fed said Wednesday it would extend through the end of the year a program known as “Operation Twist,” which aims to drive down long-term interest rates and reduce borrowing costs for businesses and households. Under the program, the Fed sells short-term securities and uses the proceeds to buy longer-term securities.”
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The Fed warning of risks to the economy is like your rapist reminding you to practice safe sex.
the job that congress should do is …
If yesterday didn’t seal the deal, I think the Fed is waving their arms above their heads and saying they’re on the sidelines until after the election and that it’s up to fiscal policymakers to do something.
I know Fly would vehemently disagree, but I think it’s a good thing the Fed is on the sidelines. Maybe without meddling from the Fed the market can find a bottom that lasts longer than a couple of months. Of course, I’m bunkered down with long positions in TVIX shares, UVXY shares, VXX calls, TZA calls and TZA shares. Just regret not getting entirely out of my legacy URTY shares yesterday. So, if you want to say I’m talking my book…so be it.