FOMC statement reports shop-as-usual. They say the economy is continuing to shrink, but not as fast as it was shrinking, so they’ll keep trying to print us out of it at the rate they’ve been going, reiterating their targets for injecting cash into the system this year and our enduring ZIRP:

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn.

Could be worse – some people thought they might increase the Treasury buy this time around.

(Source image h/t Economic Policy Journal.)