The American economy is in serious trouble

Tinker

We are in a world of trouble ladies and Gentlemen because the United States Federal Reserve Bank is as bad as my spelling, and grammar. So as of now we are doomed with nowhere to run, or hide, and no way out.

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http://www.cnbc.com/id/102632303

Fed: All calendar references removed

Jeff Cox | @JeffCoxCNBCcom

<p>Today investors weren't wearing bathing suits: Gross</p> <p>Bill Gross, Janus Global Unconstrained Bond Fund, predicts when he thinks the Fed will raise rates, and shares his view on Ben Bernanke being named a senior advisor at Pimco. </p> 

Following through on indications in March, the Federal Open Market Committee on Wednesday offered no changes to its zero interest rate policy.

Not only did it not hike rates, it also removed all hints for what may lie ahead. Calendar references were deleted completely from the post-meeting statement. 

The FOMC indicated after its March meeting that a rate hike in April was unlikely. The U.S. central bank has kept its key funds rate anchored near zero since late 2008, amid the financial crisis.

Officials have indicated a desire to raise rates at some point this year, with the market now anticipating a September increase. 

The move came amid a struggling U.S. economy that barely registered any growth at all in the first three months of the year—a meager 0.2 percent increase in gross domestic product, thanks to a stubbornly frugal consumer, strengthening dollar and rough winter.

However, many market participants believe the Fed is still on its course of tightening, though the timing remains a question.

Jay Mallin | Bloomberg | Getty Images

The Federal Reserve

"It's the long-term trend that matters to the Fed," said Michael Arone, chief investment strategist for State Street Global Advisors' U.S. intermediary business. "They've been very consistent on the idea of data dependence.:"

Read MoreConsumers holding on to their wallets for dear life

Financial markets have come to rely on the Fed's easing policies over the past six and a half years, and stocks were lower ahead of the FOMC statement release. 

The committee noted some progress in the economy, halting though it may be. The statement acknowledged that growth "slowed during the winter months," though calling the factors leading to the slowdown "transitory." 

"Growth in household spending declined; households' real incomes rose strongly, partly reflecting earlier declines in energy prices, and consumer sentiment remains high," the FOMC said.

Read more...http://www.cnbc.com/id/102632303

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