The Fed Pulls the Trigger

Wow.  I didn't think the Fed would do this.  But they did:

“A highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens,"

And I'm glad they did it.  It's not inflation targeting or nominal GDP targeting, but it's more-or-less a commitment to be irresponsible.  (I personally don't like that characterization, because I think this is the responsible thing for the Fed to do.)

Anyway, they are testing a big idea here.  We'll see if it works.