While the Federal Reserve has found sufficient evidence to believe the U.S. economy is in remission, they still feel a passive stance is necessary for continued good fortune. There will be no new economic stimulus initiated by the government this coming year, regardless of the ancient Mayan’s claim that 2012 shall bring forth the armageddon.
The government boasts its mediocre improvement perhaps to cloak the metastasizing fear of a European economic meltdown. Global conditions have been deteriorating for some time now, ironically coinciding with the recent, but modest drop in the unemployment rate. This conclusion was concurred by 9 of 10 members of the Free Open Market Committee. However, the President of The Federal Reserve Bank of Chicago, Charles Evans, is still unimpressed with the minuscule success. He is still greatly concerned with the number of Americans who haven’t found a job.
Regardless, there is no speculation over the good vibes surrounding the Fed’s third consecutive decision to hold short-term interest rates near zero. And within the next month, the Fed plans to disseminate its goals and methods to the public, so that any critics may then discern from the source, their own unbiased opinions. Fed officials have also continued their argument that Congress holds more power to stimulate the economy via change in fiscal policy. Basically, one government official shakes their head at another government official, blame is brushed off and all is right in the United States of America again.
All in all, the central bank saw nothing significantly different from the past several depressing years of recession. The winter is spent searching for some trace of recovery, while spring shows signs of life only to bring about the summer which, except for some exciting super-hero action films, leaves us back at, “What happened this time?” The status of our economy is beginning to resemble the mentality of a degenerate gambler: anything, as long as it’s not a big loss, is good for business.