The Fed and other central banks have pretty much used up all the monetary ammunition they had, putting out the fires in the summers of 2010 and 2011. They’re now trying to get as much mileage as possible from promises to come to the rescue without actually taking much action. The next few months will be quite interesting. For now, it looks like we’re still drifting.
Nick Massey is a columnist for The Edmond (Okla.) Sun. Contact him at www.nickmassey.com.