By Robert Eisenbeis, Ph.D.
"Boring" was how commentators on at least one network characterized the FOMC's December 11th decision to hold rates constant. It was, in fact, a no-brainer decision given the strong labor market, which created 266 thousand jobs in November; strong consumer spending based upon the Black Friday and Cyber Monday sales data; an unemployment rate at a historic low of 3.5%; and PCE inflation still below target. What was not boring, at least to those who are trying to divine where policy is likely to go, were several takeaways from Chairman