The Rising Influence of Rising Affluence

[DewDiligence]

Key paragraph in today’s FOMC statement:

http://www.startribune.com/politics/national/212197331.html

To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens.

In other words, the Fed is unlikely to raise interest rates until 2015 (at the earliest).