Fed shocker: extended interest-rate policy 

House and interest rates image via Shutterstock.com.

" 'Stranger and stranger,' said Alice," and so it was this week at the Federal Reserve, in Europe, and in President Obama's State of the Union address.

Some brave souls thought the Fed would surprise by rolling out "QE3," a third round of quantitative easing, and begin to buy more mortgage-backed securities, driving mortgage rates down. Everyone expected a pair of meaningless inside-Fed jokes (more transparency, and an inflation target), and we got those.

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