. . . . .
While you were watching what the left hand was doing…
…here’s what Obama’s right hand was up to.
From Big Fur Hat at IOTW:
While we are truly distracted by Obama’s well-timed Certification of Live Birth Kabuki Theater, Ben Bernanke holds a rare press conference to announce that they are going to continue to pour more cooling water on the overworked dollar printing presses. That sound you hear? That is the U.S. swirling the shitter.
In his first regular news conference, Federal Reserve Chairman Ben Bernanke said the central bank was continuing its stimulus policy because it was projecting slower growth in the economy with only a modest uptick in inflation.
Wednesday’s event marks the first regularly scheduled news conference by a Fed chairman in the central bank’s 97-year history.
The Fed cut its growth estimate for 2011 to between 3.1 percent and 3.3 percent from a January forecast of 3.4 percent to 3.9 percent.
The Fed also raised its estimate of inflation this year to a range of 2.1 percent to 2.8 percent, taking into account a recent surge in oil prices. However, it bumped its core inflation forecasts only marginally to a 1.3 percent to 1.6 percent range.
As for unemployment, it lowered its forecast but said it would stay elevated over its three-year forecast period. For 2011, the Fed said it expects the unemployment rate to land in a 8.4-8.7 percent range, better than a range of 8.8-9.0 percent forecast in January.
“The markdown of growth in 2011, in particular, reflects the somewhat slower than anticipated pace of growth in the first quarter,” Bernanke said in prepared remarks before he took reporter questions.