This is really the only thing you need to know about the just-released minutes of the last Federal Reserve Open Market Committee meeting (PDF):
"Looking beyond the temporary effects on inflation of this year’s fluctuations in oil and other commodity prices, almost all participants continued to anticipate that inflation over the medium-term would run at or below the 2 percent rate that the Committee judges to be most consistent with its statutory mandate."
As I said earlier this week, just forget about jobs and growth. What you have here is the monetary policymakers deliberately adopting policies that they themselves believe would push the inflation rate below the 2 percent target. That's not a policy that's consistent with rapid growth in employment, and it's why we won't see rapid growth in employment. An elevated span of high joblessness keeps wages and commodity prices nice and low.
TODAY IN SLATE
The Ebola Story
How our minds build narratives out of disaster.
The Budget Disaster That Completely Sabotaged the WHO’s Response to Ebola
PowerPoint Is the Worst, and Now It’s the Latest Way to Hack Into Your Computer
The Shooting Tragedies That Forged Canada’s Gun Politics
A Highly Unscientific Ranking of Crazy-Old German Beers
Welcome to 13th Grade!
Some high schools are offering a fifth year. That’s a great idea.
The Actual World
“Mount Thoreau” and the naming of things in the wilderness.