What To Make Of The Fed's Hard-Hitting Move

For the sake of the U.S. economy, I suppose I should be relieved at the surprise Fed action of not tapering (you can watch Chief Economist Jerry Webman's take here). After preparing the markets for a taper, the Fed's decision pummeled anyone who was betting against Treasuries. It surely proves who's the boss but at the same time I believe it will make market participants doubt the Fed's words even more. In other words, if the Fed wanted to use forward guidance as a policy tool, the ambiguous st...