June 29, 2007 | posted by Michael Baxter in IABN |

Another month, another meeting of the US federal bank, another rehash of the same old words.
The Fed has chosen to keep the rate of interest on hold - yet again, and in its statement the Fed said “The economy seems likely to continue to expand at a moderate pace over coming quarters.
“Readings on core inflation have improved modestly in recent months. However, a sustained moderation in inflation pressures has yet to be convincingly demonstrated. Moreover, the high level of resource utilization has the potential to sustain those pressures.
“In these circumstances, the committee’s predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.”
The Fed’s chairman Ben Bernanke is something of a wizard at spelling. At least when he was a child he was the spelling champ of South Carolina, and reached the latter stages of the national competition, but was only knocked out by his failure to spell the word “edelweiss”, the Austrian flower that Julie Andrews once sung about.
But Ben’s failure to progress to the further rounds of the spelling competition exposed a gap in his knowledge, at that time he had not seen the film “Sound of Music”, hence his spelling error.
We would like to expose another gap. Ben might be good at using a dictionary, but perhaps he should study the art of using a Thesaurus too, and punctuate those Fed statements with some more interesting words - precious little else can make them more interesting.