Perception, per the NYT: Fed Leaves Key Rate Steady as It Worries About Growth
And it may not be enough. (Of course it’s an AIG link.)
There’s more than one way to manage monetary policy. And Ben Bernanke is using all of the ones that will not increase aggregate consumer spending.
*I note, strictly for the record, that since this was a New York State, not a Federal, initiative, it may well become illegal under the current Administration’s proposed guidelines for the SEC. If there’s an intelligent reporter out there, maybe they should ask the campaigns whether they oppose Governor Patterson’s actions?