Forget Hollywood- the drama was in Washington D.C. on Wednesday- a big plot twist- the U.S central bank decided not to cut back on its $85 billion dollar bond buying program.
Fed Chairman Ben Bernanke and his cast of Fed governors essentially saying- they were wrong- and the economy just isn't strong enough yet- even taking down their economic outlook.
SOUNDBITE: BEN BERNANKE, CHAIRMAN, U.S. FEDERAL RESERVE (ENGLISH) SAYING:
"We have been over-optimistic about out-year growth. The potential rate of growth of the economy has been slowed, perhaps because new businesses are not being formed at the same rate, innovation may not be translated into new technologies at the same rate, investment is slower etc. So it appears again the potential rate of the economy has been slowed somewhat, at least temporarily, by the, by the recession and the financial crisis, and you can see that in the slower productivity figures."
The move was applauded by the markets- sending the Do
