From Moderate to Modest

(1) FOMC downgrades economic growth. (2) BEA does the same to GDP. (3) Slower than the muchdreaded “stall speed.” (4) Obamacare: Two part-timers for the price of one full-timer less benefits. (5) FOMC indicates inflation is too low. (6) No change to QE or forward guidance, but statement is more dovish. (7) QE certainly isn’t doing much for GDP.