This Fed Is the Economy's Hero

It's not the taper that matters. It's the signal the taper sends: This Fed is committed to growth.

Here's the most important thing anybody can tell you about the taper: It's not the taper that matters, but the signal the taper sends. By the same logic, the Federal Reserve's decision today to delay the taper matters little on its own. What counts for everything is the signal: This Fed is committed to restoring vigorous economic growth.

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