Instant View: Fed softens view of economy, rates unchanged
SACRAMENTO, Calif. (MMD Newswire) June 30, 2010 -- Keith Springer provides in-depth analysis after the Federal Reserve admitted to the slow pace of U.S. economic recovery.
MSNBC.com summaries the key points made by the Fed, "In a statement, the Fed scaled back its assessment of the pace of recovery, taking note of pockets of weakness, and also issued a cautionary note about volatile financial markets in light of Europe's debt woes. As expected, the Fed held overnight rates in the zero to 0.25 percent range set in December 2008 as the central bank fought the deep recession and virulent financial crisis. Kansas City Federal Reserve Bank President Thomas Hoenig dissented for the fourth meeting in a row."
"The FOMC statement didn't say anything out of the ordinary and this is the problem. The problem is that they are not fighting this like a war... Instead of saying they will keep low rates for an extended period of time, they need to get more aggressive in their language in order to combat deflation or any negative economic cycle that we are in."
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Keith Springer, President of Capital Financial Advisory Services, a SEC Registered Investment Advisory Firm, frequently provides commentary and analysis for various global and national media outlets. He has developed a proprietary process for successfully building tax-efficient retirement portfolios and has been providing specialty wealth management services for over 25 years.