The big news of the Federal Open Market Committee minutes just released is not interest rates, obviously, since the Fed isn't quite ready to directly pay people to borrow money, and they sure weren't going to raise them. Rather, it's the unsurprising, but nonetheless unsettling, news that the house economists are downgrading their economic forecasts, and the board was divided on the topic of pumping vast news sums into the economy. It's going to be a bumpy ride . . .
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