The Fed continued its taper on the bond purchasing at a pace designed to end the program sometime this year.
But it is important to remember that they continue to roll everything over, so their Balance Sheet will continue to expand.
I fully expect them to do another quantitative easing program after this one.
The first chart below shows the nature of their policy error in one slide. A special thanks to those free thinkers at GMU for the chart.
Their economic projections for 2015 recovery should have little credibility, considering they could not see a second massive bubble which they created, and then one of the worst financial crashes since the Great Depression. These were not acts of God, but events which they themselves helped to create and abetted, as both policy maker and regulator.
The Emperor is not naked. The Emperor is barking mad.
Have a pleasant evening.
