After the discomforting volatility of May and June, the Federal Reserve opted today for market tranquility. As a result, two (if not three) consequential decisions are now pushed to September -- raising the question of whether the current pursuit of market calm will develop deeper roots in the interim or, instead, come at the cost of greater instability down the road. Here are the three main things that the Fed told us this afternoon at the conclusion of a two-day policy meeting: The U.S. economy continues to improve, though at a moderate pace with unemployment still too high; given the continued need for a ... (full story)