The FOMC sat on its hands to no one’s surprise but the bit that I guess is supposed to get people on tenterhooks is this…
Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The Committee judges that the case for an increase in the federal funds rate has continued to strengthen but decided, for the time being, to wait for some further evidence of continued progress toward its objectives. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.
Translation of the above: We sit on our hands because we are not going to screw up an already screwed up election process. But we are nonplussed about what the bond market is telling us we need to do.
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