Slowing economy, the Fed and rate hikes

Oil prices, Treasury bonds play key role in policy stance

The Fed’s statement last week switched from a May forecast for a moderating economy to a declarative: economic growth is moderating. Now.

Unlike a certain past-Fed president, the Fed has no history of alternate meanings for the verb “to be” — is means is. Fed Chair Ben Bernanke got it dead center: every current-condition datum released this week reflected a slowing economy.