Today at 12:30 pm the Fed announced that it expected short term interest rates to stay near zero for the next two years.
Very low short term interest rates are always associated with weak economic activity. So the Fed is telling us that it expects to fail. It has announced that it believes all of its efforts during the past two years to stimulate the economy will come to naught.
Of course the Fed may be wrong about this. Indeed, its economic forecasting record is no better than anyone else's despite the enormous resources it devotes to such activity. But the sad thing is that the US central bank seems content to fail. I don't get it.
