The Fed released last month its usual economic forecast which coincidentally describes a bleak outlook. Over at NPR, they have an amusing gadget which gratifyingly translates the Fed’s press release into plain English:
The Committee will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed to support the economic recovery and to return inflation, over time, to levels consistent with its mandate.
Translated:
We’ll keep an eye on things, and if we need to create trillions more dollars out of thin air to bring down unemployment and pump up inflation, that’s what we’ll do. Boom.
More.