Word: feds
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Dates: during 2000-2009
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...What is becoming clear is that the fossil-fuel-fed industrial era is ending and that the leading power of that age, the U.S., might not be able to maintain its economic dominance. New Energy Finance, a provider of information and analysis on low-carbon technologies, estimates that investment in clean energy in Europe last year reached nearly $50 billion. The figure for North America is a much lower $30 billion. (Read more about the green-energy ideas out there...
...fact, gone may be too strong a word. The Fed, and the rest of us, are in uncharted territory. We've just been through a financial shock that was in some ways worse than the one that set off the Great Depression. The policy response from the Fed and Congress was pretty much the diametric opposite of that of the early 1930s, so the hope is that things will turn out better this time. But we just don't know...
...Actually, there was a slight shift since the last Fed statement. At the end of April, the FOMC worried that "inflation could persist for a time below rates that best foster economic growth and price stability in the longer term." This time the wording was shortened to a simple prediction that "inflation will remain subdued for some time...
...Teasing the meaning out of such changes is what Fed watchers do - they're sort of like Kremlinologists before the fall of the Soviet Union. UniCredit economist Harm Bandholz interpreted the new wording to mean that the FOMC had decided that "the deflation threat is gone...
...spate of bank failures. Since March, the economy has clearly been stabilizing, but there's no guarantee that trend will continue. The data lately have been mixed - today, durable-goods orders were up by more than expected, while new home sales were down by more than expected. So the Fed remains in a holding pattern, one that Goodfriend expects will continue for months...