Central Banks Continue Their Debasement

A heavily divided Federal Reserve left short-term interest rates unchanged but said the case for a rate increase “has strengthened”, in a strong signal that a move is likely before the end of the year … Three out of 10 of the US central bank’s rate-setters voted against the decision, and called for an immediate increase. But the Fed said that for the time being it wanted to keep policy on hold as it waits for further evidence of progress towards its objectives, leaving the target range for the federal funds rate at 0.25 per cent to 0.5 per cent. -Financial Times

Nothing happened again on Wednesday just as predicted. The Fed didn’t move and slightly more surprisingly, the Bank of Japan didn’t do anything either.

But as we pointed out yesterday, such inaction is not surprising. The world is stuck in a holding pattern when it comes to

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