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Fed History Lesson Worth Recalling
http://on.wsj.com/grandcentralsignup One year ago, Federal Reserve officials snuck an obscure line into the policy statement that followed their two-day policy meeting on Apr. 30 and May 1. "The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes," the Fed said. On the surface it was a neutral statement which seemed to indicate nothing new about the Fed's thinking. Officials had always said they might vary the pace of their $85 billion monthly bond purchases, depending on how the economy performed. Yet there it was, brand new, in the statement. ? ?
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