It will be interesting to see the response from the various FOMC governors should this critical indicator push ever closer to 3%. Their response or lack thereof will give us a good clue into the thinking of the broad committee.
You might recall that this summer, the rate spike elicited extreme nervousness and concern among the Fed governors who immediately began sounding a dovish tone on the economy overall and the bond buying program in regards to any tapering.
Remember, the Fed today left the door open to additional monetary stimulus should the economic data warrant such.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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