• The minutes of the Fed's July 27 meeting are 14 pages of artwork, with not one single hint about what comes next but two glimpses into its background thinking.
  • A big part of the central-banking game, maybe the biggest, has been to preserve the Great and Powerful Oz -- the public belief that nothing is beyond our powers. The time for confession now approacheth -- one of the banks is going to ask for help.
  • The longer we go without something happening, the bigger the deal when it does.

The Fed has sent some smoke signals. The minutes of its July 27 meeting are 14 pages of artwork, with not one single hint about what comes next but two glimpses into its background thinking.

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