The Fed is clearly not seeing the deteriorating economy.
Free Article - WSJ.com: "Fed Keeps Its Focus on Inflation
By Greg Ip
Word Count: 721
WASHINGTON -- Federal Reserve officials have scaled back their economic outlook a bit amid some weak economic data and market turmoil, but they appear unlikely to drop their focus on inflation, for now.
When officials meet Tuesday, they are likely to keep the short-term interest-rate target at 5.25%, as expected. Despite the recently increased risks to economic growth, there appears to be little sentiment for shifting from their assessment that the risk of higher inflation poses a greater concern. That judgment would imply little support for a near-term rate cut. However, developments in markets and key data, including tomorrow's July ..."
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