For The Low Low Rate Of Nothing

The Fed has no real interest in, well, raising interest rates.

As expected, the Fed kept its benchmark federal funds rate unchanged in a range of zero to 0.25 percent, and said the economy had "continued to pick up" since its last policy-setting meeting in September.

The Fed, the U.S. central bank, also said it would buy about $175 billion of debt issued by government-backed mortgage finance agencies, less than the $200 billion maximum it had originally allotted, citing limited availability.

In its closely watched policy statement, the Fed said household spending "appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit."

That was somewhat more upbeat than September's statement, which referred to spending as "stabilizing."

The central bank, wary of undercutting the fragile recovery by withdrawing its support too soon, is also on guard for any indication that its emergency lending efforts are fueling an unwelcome bout of inflation as the economy heals.

The best part is banks continue to wring out the consumer by raising rates to make even more profit to make up for the increase in personal credit card bankruptcies caused mostly by...wait for it...banks raising rates on consumers!

Gotta love death spirals.