With all the hubbub over record crop prices and food inflation, we almost forgot to check in on the Federal Reserve's Wednesday meeting where the Federal Open Market Committee (FMOC) did nothing but stay the course. The Fed decided to keep the target for the federal funds rate at 0-0.25 percent until late 2014. The federal funds rate has effectively been zero since mid-2008 -- that would be six-and-a-half years. According to the Fed: Information received since the Federal Open Market Committee met in June suggests that economic activity decelerated somewhat over the first half of this year. Growth in employment has been slow in recent months, and the unemployment rate remains elevated. Business fixed investment has continued to advance...

TAGS – Energy