Wednesday's Federal Open Market Committee (FOMC) statement indicates the Federal Reserve's commitment to keeping long term interest rates and inflation under control. The Fed will continue monitoring inflation, but does not expect inflation to rise more than 0.50 percent above its target rate of 2.00 percent over the next one to two years. Ongoing monitoring of inflation and unemployment, as well as developing economic news, will guide the Fed in its future determinations concerning policy for its present iteration of quantitative easing (QE3). Currently, the Fed purchases $85 billion of … [Read more...]