Still no movement from the Fed

Officials from the central bank know that the economy is slowing down, and they also know that some sort of intervention is in the cards. One of these days. For now, they're sitting tight - perhaps until the policy committee's next meeting in September. From the NYT:

Some Fed officials argued in recent weeks that the weak pace of growth required new action. They noted in particular that the unemployment rate had stagnated above 8 percent since January, and that the most recent forecasts of Fed officials, published in June, projected that the rate would decline slightly, if at all, during the second half of the year. Others were more cautious, suggesting that major decisions should be postponed at least until the next meeting of the policy-making committee in September. The government will issue a preliminary estimate of July job creation on Friday, and it will issue the estimate of August job creation before the scheduled meeting in September, clarifying the trend.

Stocks barely budged on the news. The Dow is up about 15 points at last check.