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The Fed Should Consider Lowering Rates
Nobody is expecting any major news from this week’s policy-making meeting at the Federal Reserve. That’s unfortunate, because the Fed should be considering more stimulus for a U.S. economy that has long failed to meet its goals for employment and inflation. In January 2012, the central bank set an explicit inflation target of 2 percent. In the subsequent seven years, its preferred measure of consumer prices — the Commerce Department’s price index for personal consumption expenditures, excluding food and energy — has consistently fallen short of that target: Financial market expectations of longer-term ... (full story)