It’s hard to call this place LOLFed without posting about the Fed on occasion, so here is your Perfunctory Fed Meeting Post! Assuredly, today’s denouement of their two-day meeting will result in the following excitement:

• Cautious optimism
• Key lending rates close to ZIRP
• A pledge to keep the aforementioned lending rates there for an “extended period”
• Thomas Hoenig dissenting

And with that, I probably just spoiled the entire thing for you, sorry. The only thing I’ll be watching for with any interest is Bernanke n’ company’s reaction to China’s decision to let their currency waver from its peg a bit. BusinessWeek expects Ben to get excited:

Federal Reserve Chairman Ben S. Bernanke’s efforts to keep U.S. prices and employment from falling may get a helping hand from China’s decision to let its currency gain against the dollar. Greater yuan flexibility will eventually raise prices of goods imported to the U.S. after a decline in the consumer price index for two straight months and as some Fed officials voice concern about inflation slowing too much. The move should also eventually increase U.S. exports of aircraft, steel and wheat to China, said Charles Lieberman, a former New York Fed official.

Higher prices! Yay!

I’m certain the average consumer remains baffled by economists’ claims that prices of anything have been falling, and will be less reassured by the thought of stuff on the shelves at Wal-Mart being more expensive in dollar terms. I kind of believe the part about increasing exports of steel, because China also just kinda quietly dropped a tax rebate they were providing to exporters of all sorts of commodities, and that rebate accounted for most of the profits those exporters were making. That’s better news for India than anyone in the short term, but I guess Bernanke will take the news and run with it.