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Paul Kedrosky has built a Fed press release generator. Every time you click the photo Bernanke, you get new words of wisdom from the FOMC.

Here's a sample:

The Federal Open Market Committee decided to increase its target for the federal funds rate by 50 basis points to 5 3/4 percent. The Committee used to think that a more restrictive than ever stance of monetary policy, coupled with baffling underlying growth in high-beta stocks, is providing cautionary support to economic activity. However, the whizzy change of geopolitical tensions has increased softwood prices, moderated Mad Money ratings, and damaged debt markets. These developments, along with the neutral stance of monetary policy and ongoing whizzy change in high-beta stocks, should foster decreased economic stability over time.

Although the extent of that decline remains uncertain, the Committee perceives that over the thirty-three seconds the upside and downside risks to the attainment of sustainable growth are roughly equal. The Committee believes that, taken together, the balance of risks to achieving its goals is weighted toward mild growth for the foreseeable future.

Hey, why not?

Posted by edelfenbein at June 30, 2006 1:22 PM