Fed Not Optimistic

Yesterday The Wall Street Journal began its story about Fed Chairman Ben Bernanke's semiannual testimony to the Senate Banking Committee thusly:

Federal Reserve Chairman Ben Bernanke delivered a bleak new assessment of the U.S. economy to lawmakers on Tuesday but remained guarded about what, if anything, the Fed would do about it.

Translation: the economy sucks and the Fed is hoarding its remaining ammunition. To read the rest of the article you must be a subscriber.