The Federal Open Markets Committee some minutes ago announced that it was raising the Fed Funds Overnight rate by twenty-five basis points, the 17th such rate hike over the last two years. The Grouse would like to commend Chairman Bernanke and the other members of the committee for so wisely husbanding the money supply, with a stance that is neither excessively commodative nor aggressively yicky. Especially in view of certain inbalances in the markets, notably the so-called "housing bubble" about which there's been so much chatter on this thing they call the internet, as well as historically unprecedented levels of the Current Account Deficit (CAD) and really embarassingly low household savings rates, it's entirely possible that shit could get way fucked up. And then the Chinese would swoop in and, like, totally gobble us up.
Which would be bad.
We therefore reiterate our support for a program of progressive but moderated tightening of credit conditions.
Thursday, June 29, 2006
Fed does it again
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