Nor did the Fed expect that it would need to use unconventional methods to continue easing after hitting the zero-bound, which is perhaps why it was years late in moving to the open-ended quantitative-easing policy adopted last year.
The latest FOMC statement surprised many, suggesting the economic outlook faces significant downside risks and announcing interest rates would remain zero-bound for even longer than before, until at least late-2014.
In the late 1990s, BP was held up as a paragon of management gone good, having evolved from a rule-bound, quasigovernmental entity to a slimmer, more efficient company that empowered managers to earn profits for shareholders.