Watching and Waiting

   Don't hold your breath waiting for the Federal Reserve to raise interest rates. The latest statement from the Fed's Open Market Committee (FOMC), which monitors and controls the central bank's investment activities, started with its usual optimistic comments, but deep within the statement is the note that the committee "reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate."
   When will that change? When there is progress "toward its objectives of maximum employment and 2 percent inflation," the statement said.
   Meanwhile, even if these targets come near to being met, "economic conditions may, for some time, warrant keeping the target federal funds rate below" normal levels.
   As noted here several weeks ago, boosting interest rates to match a stronger economy is not likely until next summer.