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Fed Pushes Aggressive Action; Beige Book Shows Slowdown

As has been the case for months now, Federal Reserve officials continue to spend time in speeches justifying what it has done and putting off criticism, particularly of the idea of a moral hazard. The latter is a very real possibility, I think. Moreover, while many pundits believe the Fed did what it had to do, it’s important for investors to recognize that not everyone agrees with that. Frankly, given there is no control group, it will never be possible to confirm the Fed “saved” economy or not with certainty.

The Fed is hard at work pushing the efficacy of how its aggressive actions are in the country’s interest. The Fed’s original legal mandate is working for the maximum employment that is consistent with stable prices. Now that the Fed is the world’s central bank, it has taken upon itself the authority to heap on many more responsibilities.

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