Fed sees little growth in economy through 2013

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)