Fed is still not feeling it

Talk about being stuck in the Twilight Zone. Members of the Federal Reserve's policy-making committee aren't thrilled with the pace of the recovery, but they're not worried enough to consider another round of asset purchases. From the NYT:

"While a few participants indicated that their expectations for real G.D.P. growth for 2012 had risen somewhat, most participants did not interpret the recent economic and financial information as pointing to a material revision to the outlook for 2013 and 2014," according to the [Fed minutes], which is a summary rather than a transcript. This subdued outlook is a key reason that the Fed remains sanguine about the pace of inflation. While the recent rise in oil prices is likely to raise inflation in the short term, the Fed continues to predict that inflation will remain stable for years.

Stocks fell sharply soon after the Fed report came out. Dow is down 130 points.