The FOMC Talks, and Says, "Meh"

It really doesn't amount to much. Basically just some minor interest rate action:

In a pattern that has become familiar, the Federal Reserve said on Wednesday that the economy was growing more slowly than it had forecast, in part because its efforts to hasten recovery had proved insufficient.

With the economy stumbling into the summer months after the false promise of a relatively strong winter, the Fed announced a modest expansion of its efforts to stimulate growth.

The Fed said its senior officials now expected growth of 1.9 percent to 2.4 percent this year, half a percentage point lower than they forecast in April. They predicted the unemployment rate would not drop below 8 percent this year, and that inflation would not climb above 1.7 percent.

Those are the vital signs of a patient who will be ill for some time. And the Fed noted that the outlook could worsen if events in Europe unnerved financial markets or if politicians in Washington failed to resolve a stalemate over fiscal policy.

The central bank pledged to buy $267 billion in long-term Treasury securities over the next six months as part of a continuing campaign to reduce borrowing costs.

Like I said, Meh