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January 26, 2012

'Fool in the Shower' to Give the Fed a Scalding

Caroline Baum, Bloomberg


AP Photo

Long and variable lags. That’s all I could think of yesterday when I read the Federal Reserve statement and learned that economic conditions “are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.”

My first instinct was to mark the date on my household calendar, but I couldn’t find one that goes out that far!

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Related Topics: Ben Bernanke

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