The Federal Reserve on Wednesday said it is prepared to buy long-term government debt if that would help improve credit conditions and signaled some concern that deflation risks were rising.
In a statement issued at the end of a two-day meeting, the central bank's policy-setting panel also said it was holding its target range for overnight interest rates at zero to 0.25 percent -- the level reached in December -- and repeated that it thought rates could stay unusually low for some time.
Celebrated short investor Bill Fleckenstein is very critical of Fed action. He doesn’t think a bunch of people sitting around in a room picking interest rates is any way to deal with the economy. “The Fed is the engine of our problems and we have to get away from letting them pick interest rates,” he tells Fast Money..
In fact, Bill Fleckenstein has a lot of thoughts on the matter. Curious? Watch the video now!
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Trader disclosure: On Jan 28, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (BAC), (MSFT), (MS), (TM), (MCD); Seymour Owns (AAPL), (BAC), (EEM), (F), (FXI); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (MSFT), (UNH); Finerman's Firm Owns (DNA) & (DNA) Call Spread; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (COF), (USO)
Fleckstein is long Gold Comex