Federal Reserve Decides to Do Nothing, About Time

The highly anticipated meeting of the FOMC resulted in a decision that unfortunately not the historic practice of the Federal Reserve, and that was to do nothing and see if the economy will heal itself before initiating any other actions.

After "stimulating" the economy with about $1.7 trillion, and getting no results, it's not surprising to see them hold off here, as the highly unpopular and outrageous spending of the Obama administration will result in a huge political swing in November.

It probably goes without saying there was pressure on the "independent" Fed to do nothing, as it would have probably made things even worse for the Democrats.

Like the last meeting, the Fed did say they stood ready to interfere in the economy again if things continue on as they are.

It's incredible to see the Fed say they're going to wait to see if the weak economy will heal itself after skewing it with the $1.7 trillion.

There can be no doubt this was a political decision, and there was no way a new stimulus or quantitative easing was going to be put into play before the November elections.

The FOMC doesn't meet again till after the elections, which at that time we'll be sure to see the usual response from the Federal Reserve.

Other than ending the Fed, it's too bad they don't do all the time what they did today, but then they wouldn't be considered necessary, as in reality they aren't.