Janet Yellen and the Fed Did the Right Thing

As most people in the financial markets had been expecting, and as many commentators—myself included—had been urging, Janet Yellen and her colleagues at the Federal Reserve have decided not to raise interest rates, at least for now. Citing developments in the world economy, including recent turbulence in the stock markets and softness in inflation, Yellen told reporters, at the conclusion of a two-day Fed policy meeting, that the U.S. central bank wanted to wait a bit and see what impact, if any, the global developments will have on the U.S. economy.

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