The Latest from Our Monetary Overlords

While cable news was obsessing over the non-story of disgraced former Senator Ted Stevens’ death, the Fed’s Open Market Committee released a mildly dovish statement paired with minor action—they’ll roll over existing positions, which you can interpret as either moderate expansion or else maintaining the status quo. Kansas City Fed President Thomas Hoenig, who wants you to lose your job amidst a double-dip recession, dissented from the right. The stock market seemed to immediately leap upwards, underscoring the fact that you improve “business confidence” by improving growth prospects rather than by catering to businessmen’s political opinions.

What we’re left to wonder is: Would this have gone down differently if Barack Obama’s three nominees were in place? And if it would have, how different would the midterms look? This is the biggest political story of the week by far, and you’ll see virtually no coverage of it.