PRESTOPUNDIT

It looks like like the Fed is going to give us months and months of slow drip water torture all over again.

The Fed statement is here.

Quotable: "underlying inflation still expected to be relatively low .. ".

InstaFisking: Let's cut to the chase. High rates of monetary growth -- i.e. inflation -- have artificially prevented prices from a benign natural falling, as huge productivity gains create supply increases at lower cost. So large productivity gains are masking substantial underlying inflation in the economy. For the Fed to now sanction higher unmasked inflation is simpy to fan the flames of an unsustainable inflation-generated artificial economic boom -- fueled in some large measure by an unsustainable housing bubble. Posted by Greg Ransom