Free Republic

Who do Federal Reserve policymakers think they're kidding? In a statement accompanying their surprise half-point cut in interest rates, Alan Greenspan (news - web sites) & Co. declared that the risks to the economy going forward were now evenly balanced between higher inflation and too-slow growth. Yet, with inflation running at a meager 2% and economic growth in the fourth quarter widely expected to be under 1%, it's hard to take that too seriously. So what's going on? The central bank is out to convince edgy consumers and companies that they have nothing to fear in economic outlook. Yes, it...