What Does the Fed Think It Is Doing?

My reading is a lot of FOMC members detached from reality, not enough serious macroeconomists in the room to dominate the discussion, and Bernanke trying to create a consensus.

Tim Duy is much harsher:

No Clothes - Tim Duy's Fed Watch: Rereading Federal Reserve Chairman Ben Bernanke's recent speech and measuring it against the incoming data leaves me with a pit in my stomach.  I sense Bernanke reveals in this speech he is the proverbial emperor without clothes, short on policy options...