The United States Federal Reserve confirmed its Olympian power Wednesday, defying the laws of physics by moving forward while standing still. America’s central bankers said in a statement that they would be “patient” in waiting for the right moment to raise its benchmark interest rate from zero. This was new language, suggesting the highly anticipated shift from previous guidance has begun. Not so fast. In the very next sentence, the Federal Open Market Committee said this new guidance is “consistent with its previous statement” that the benchmark interest rate will remain unchanged for a “considerable time.”
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