2:24pm: Fed officials say they wanted to gather more data on inflation before deciding on future rate rises, according to the minutes of their August meeting. (more)The Federal Reserve always acts on old information... and is the only cause of U.S. recessions.2:33pm: Central bank can't let inflation build up steam, Dallas Fed President says. (more)1:03pm: August reading lowest since November on worries about economy, jobs. (more)
Milton Friedman, no doubt is correct. The Fed is probably not necessary to keep the money supply under control... and unsaid... not cause recessions. See yesterday's post.