Besides my wife and me we had two friends over, including a dyed in the wool Peter Luger enthusiast from pre-hipster Brooklyn, and we all tasted my own grass fed T-bone first.
And, during the Kennedy Administration, the Fed sold T-bills and purchased an equal amount of longer dated T-Notes in order to reduce long-term rates.
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Even the Fed doesn't see things getting much better anytime soon on the jobs front.
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Even if the Fed doesn't ramp up its mortgage buying, an interest-rate shock could derail Mr. Gross's strategy.
Until that assumption is proved wrong, he says, the Fed won't raise rates.
The Fed doesn't have an unlimited capacity because when it buys the debt what it's doing is monetizing the debt.
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"The fact that the Fed didn't announce any new approaches is somewhat good news, " says Joel Naroff, of Naroff Economic Advisors.
The Minneapolis Fed doesn't claim that Wal-Mart is a boon to every local economy it touches, just that its advantages outweigh its disadvantages.
If the offcuts weren't fed into power stations, they would be burned as waste or left on the ground to decay, producing methane and CO2.
Of course, the Fed didn't decide to provide the brokerage firms with funding out of the goodness of its heart, but instead to insure the bond markets would continue to function.
Speaking at a news conference, Chairman Ben Bernanke stressed that while the economy has improved, the Fed won't ease its aggressive stimulus policies until it's convinced the economic gains can be sustained.
More to the point, if the Fed doesn't print too much money, an increase in labor costs would only result in a squeeze on corporate profits, which management could deal with by boosting productivity.
Then-Chairman Greenspan's "irrational exuberance" speech was in December 1996, with the bulk of the dot-com bubble to follow, but the Fed didn't even hike reserve requirements to send a warning shot across Wall Street's bow.
Assume the Fed doesn't turn on the printing presses, Washington is nonetheless putting itself in a position to force banks to buy government bonds, just as it forced them to do its bidding with Chrysler and GM.
At its January outset the Fed wasn't moving fast enough to catch up with the economic free fall, but the injection process, especially in coordination with the new Obama Treasury, should accelerate and gradually restart the credit markets.
"The Fed can't wink, scratch its nose, wiggle its ears or do anything that would signal they are about to change policy from what they are doing now, " says Brian Bethune, an economics professor at Gordon College in Wenham, Mass.
They are backward-looking and don't reflect Fed errors until a year or two after the crime.
But even the Fed chairman doesn't seem to know the extent to which this will help the economy.
But its latest economic forecasts, also released Wednesday, show that the Fed still doesn't expect unemployment to reach 6.5 percent until 2015.
But the Administration and the Fed still haven't diagnosed the problem.
That's why a local, grass-fed burger shouldn't be a guilty indulgence.
Some market participants haven't reacted to the Fed's promises to exit, believing the central bank won't have the will to wind down its purchase program.
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Mr. Veru doesn't expect the Fed to pull back soon, though, and remains bullish on stocks.
Since then, Congress hasn't joined the Fed in acting to stimulate growth.
Beyond that, unless demand slows enough in America to justify action by the Fed (which hasn't happened yet), it is a question of avoiding mistakes.
And we are told to have faith that the Fed, which didn't see the financial crisis coming, is going to know the exact moment when it is finally going.
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