On the October FOMC

Today's FOMC statement was an alarming pack of lies, flagrantly misrepresenting the state of the economy to support an ailing Yellen's prideful commitment to "later this year," with an explicit warning that "liftoff" could come at the "next meeting." Markets seem reasonably confident that this is just Yellen talking her book, and that at crunch-time she won't make a grave policy error, just as the economy is slipping into the first-ever recession caused by low oil prices. That recession would be shorter and milder if we didn't have to worry about the Fed's credibility on top of everything else.