So, there you have it.
After making the world wait for what seems like forever, our FOMC decides to keep rates unchanged, leaving the markets even more confused than ever.
The FOMC says it is monitoring the global situation.
The vote was 9-1, with Jeffrey Lacker dissenting.
Our markets are whipsawed a minute after the decision hits the wires.
More of the same posturing and inane comments from the Fed heads till the next meeting, I guess.
More of listening to the doves among the Fed say we need to wait on raising or even lower rates right now, and then the hawks coming out and saying rates should be much, much higher and should have been much, much higher ages ago.
Which leaves you, Chuckles, a.k.a. Mr. Market and me, scratching our heads wondering what is the exact message the Fed is putting out. After all, it had said it wanted to be the new, expressive Federal Reserve with a clear, concise message on interest rates and policy.
I say hogwash to that.
This is the same old, same old stumbling and bumbling Fed it has been since inception.
Stodgy, reactive and totally oblivious to the changes occurring around the world in terms of technology and productivity that make its "old economy" thought processes seem ancient and archaic.
So the global markets will have to stumble along in the dark and the pundits will have a great time on TV blaming everybody else but our Federal Reserve for the crazy moves in the markets around the world.
I read somewhere that the Federal Reserve is a relic of the past, and I would agree. It's time to find a new system that is more in tune with the innovation happening around the world.
Call me a heretic, but even a global Federal Reserve System of sorts is starting to make sense to me, and if you think about it, it should to you as well.