Round and Round They Go on Tapering

The members of the Federal Reserve Open Market Committee talked a lot at their last meeting and ended up where they started.

They came, they talked, they did nothing. And boy, was there much ado about the nothing part. I'm going to save you the trouble of reading the minutes of the Federal Reserve's Sept. 17-18 meeting, whose release was overshadowed by the nomination of Janet Yellen to be the new Fed chairman. Instead, here's my summary of the committee's view on the economic situation and the lengthy back-and-forth on whether to taper asset purchases.

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