Joan McCullough's irreverent take on the Fed meeting. Lot's of juicy stuff here. For the record, this is the first posting I have done from my iPad. Cool! "Until what? Until they can’t stand the malaise anymore. So they are keeping further stimulus on the table with this: 'The Committee … is prepared to adjust those holdings as appropriate to promote a stronger economic recovery in a context of price stability…' For the comatose, reference to 'adjust those holdings' simply means 'is prepared to expand the balance sheet' which, of course, means to monetize more debt, i.e., print money. So the fix is in. We will have to content ourselves with rockbottom rates for a while longer."