by Calculated Risk on 9/20/2006 08:11:00 PM

For some excellent analysis, I suggest:

Tim Duy's Fed Watch: Unsatisfying

"Like almost everyone, I was expecting policy to remain essentially unchanged at the conclusion of today’s FOMC meeting. Still, I was left unsatisfied by the accompanying statement, posted by Mark Thoma. At best, its brevity makes it look straightforward. At worst, it looks like something cobbled together because FOMC members were unable to reach a uniform opinion on the state of the economy."

William Polley: Fed leaves rates unchanged

"The 30 second summary of which is that the housing slowdown is no longer regarded as "gradual" and that energy prices are not as much of a concern as they were previously.
...
Steady as she goes for a few more weeks, watching the housing market as well as the inflation numbers, trying to steer a course between the--hoping that no exogenous winds of change blow them off course."

And Brad Delong writes succinctly:

"Good luck, Ben and company..."