First, fuck Apple and fuck this fucking piece of shit fucking phone. I'd sooner cut my dick off than by another fucking Apple product after it's refreshed away my post twice now. Piece of fucking shit. Second, that's a change in messaging, not stance, by the Fed. They're still more focused on the quantity of action being taken than the results from a particular action. They're also not really shifting the boundaries much on acceptable inflation thanks to the inclusion of a third variable in the form of long term inflation expectations, where they've still got an unlisted trigger point. So I don't expect much of any serious change from this. Mark Carney's explicit avowel of NGDPLT was way more exciting as he's currently the rockstar of central banking and a one time stalwart in the old school econ camp of inflation targeting. Next, a tangential point to that one about quantity vs results from Lombard Street (bagehot) Note the emphasis on accepting collateral deemed good in NORMAL times vs the modern obsession with collateral quality in CURRENT times. Central banks won't lose money by lending to insolvent entities whose collateral CURRENTLY sucks because the very fact of their intervention restores conditions to NORMAL and the collateral to good state. Contrast that statement with the extreme risk aversion of the ECB and the lesser but still astounding aversion of the fed toward action outside the tbill market. Their policy actions have lost effectiveness because they've restricted themselves to markets where they are manifestly unnecessary to the maintenance of asset prices. Which brings me to this interesting bit: www.economist.com/blogs/freeexchange/2012/11/monetary-policy-unintended-consequences?fsrc=rss And another longer segment inside about the composition of rates. And now back to my central point: our central bankers are so fucking retarded it's unfuckingbelievable. Also, that the iPhone is a satan machine designed for shredding dicks and causing pain and only masochists who love love loooove Apple's mandatory apps and hate their dick should use one.* * I am granting all individuals without dicks an honorary dick for the purpose of hating this fucking phone.