- The Big Picture - http://www.ritholtz.com/blog -

Astounding Incompetance at the Federal Reserve

Posted By Barry Ritholtz On May 3, 2005 @ 5:17 pm In Economy | Comments Disabled

The Fed inadvertently left a sentence out of the FOMC:

(Dow Jones)–The Federal Reserve said Tuesday it inadvertently left out one sentence from its statement for Tuesday’s Federal Open Market Committee meeting, referring to still "well contained" inflation expectations.  "Longer-term inflation expectations remain well contained," reads the sentence added to the second paragraph of the FOMC statement.

The Fed explained its mistake in a release of the revised FOMC statement about one-and-a-half hours after initial release of the post-meeting statement. The statement was otherwise unchanged.  The Fed acknowledged Tuesday the U.S. economic recovery has lost some steam but said it remains worried about inflation and opted to persist with its campaign of gradual interest-rate increases.

Would someone please explain to me how the most important document from the Central Bank of the most economically significant country in the world — goes out missing a sentence?

That is truly astonishing to me. If there is a goddamned document in the whole planet that needs to be proofed before going out, ITS THAT ONE.

>
Meanwhile, I have people taking 500 words in the comments section complaining that I used "it’s" instead of "its."


>

May 4, 2005 10:12 am
Yesterday, the Fed omission apparently led me to "fume."  (I’m glad they didn’t use some of my dumber quotes) . . .

Sources:
Minimalist message leaves Fed a bit red [1]
Seattle Times
http://seattletimes.nwsource.com/html/businesstechnology/2002261971_fedwords04.html

Fed’s slip-up shakes market [2]
Baltimore Sun
http://www.baltimoresun.com/business/bal-bz.fed04may04,1,4264341.story?coll=bal-business-headlines&ctrack=1&cset=true


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2005/05/astounding-incompetance-at-the-federal-reserve/

URLs in this post:

[1] Minimalist message leaves Fed a bit red: http://seattletimes.nwsource.com/html/businesstechnology/2002261971_fedwords04.html

[2] Fed’s slip-up shakes market : http://www.baltimoresun.com/business/bal-bz.fed04may04,1,4264341.story?coll=bal-business-headlines&ctrack=1&cset=true

Copyright © 2008 The Big Picture. All rights reserved.