So with the investor universe all ears, the Fed’s Open Market Committee did indeed drop the words “considerable time” from its comments on how long it would maintain current interest rates, but then also indicated its course of action in 2015 would be “consistent” with that of the last two years. Oh brother.

In her press conference after the statement was released, however, Janet Yellen found the word that everyone but the most militant deflation monkeys seemed to be looking for: the Fed would show “patience” in holding off on interest rate increases, which was taken to mean they will begin to happen mid-year under current assumptions but could be canceled if the economy slows down.

What a way to set and implement monetary policy: by delphic pronouncement.

Our ideas can save democracy... But we need your help! Donate Now!

Ed Kilgore is a political columnist for New York and managing editor at the Democratic Strategist website. He was a contributing writer at the Washington Monthly from January 2012 until November 2015, and was the principal contributor to the Political Animal blog.