Despite the better than expected employment report last week and constant chatter about a quick economic recovery, the Federal Reserve has no intention of rolling back what Peter Schiff called its “monetary Hail Mary.”
The Fed wrapped up its June Federal Open Market Committee (FOMC) meeting on Wednesday, holding interest rates steady at 0-.25%. Nobody expected the central bank to make any significant policy moves. The real questions revolved around what kind of forward policy guidance the Fed would provide. That turned out decidedly doveish.
During his press conference after the meeting, Federal Reserve Chairman Jerome Powell committed to “do whatever we can, for as long as it takes.”