This is getting to be depressing. These constant downard revisions of economic forecasts showing already anemic growth becoming even weaker tells us that Mitt Romney is going to have a huge job ahead of him if he gets elected in November. The central bank will continue it's modest asset purchase program through the end of the year -- not earthshaking news and some will no doubt be disappointed. But the Fed appears to be cautious - finally - in its effort to stimulate the economy. After its meeting today, Ben Bernanke announced only a modest cut in rates until the end of the year, but promised to keep an eye on the situation if anything changed - namely, a euro meltdown of banks that would freeze up worldwide credit. New York Times: But the program extension does not appear large enough to boost growth significantly. Instead, it amounts to a placeholder, an effort to soothe markets and preserve the status quo while the Fed seeks greater clarity about the health of the economy,...(Read Full Post)