Posted by In a surprise (to me at least) the Fed took no new measures last night. Rather, it signaled that easing is close, by noting that growth had decelerated and that additional accommodation is on the menu:
The Committee will closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability
Jackson Hole is going to be interesting…
ricardian ambivalence 
Im beginning to believe the hawks want Obsma to lose. They will unscrew spigot after election or just before (when it will be too late to make a difference).
Seems like the only logical explanation! And Bernanke may be brilliant and just the right man for the times, but doesn’t seem much good as a persuader.
under present circumstances, which are special and unusua,l fiscal policy is mroe potent and useful.
on a f0rward loking taylor rule monetary policy is too tight.