The Federal Reserve surprised us by not raising interest rates last week. Fed policy mandates it to be driven by employment and inflation. The Unemployment rate at 5.1% is very close to full employment, and inflation, excluding food and energy, has been running at 1.8%. The Fed cited concern about international economies for maintaining the current interest rate policy, which is reflective of emergency economic conditions. China, Japan, and Europe are all struggling. As the Chinese stock market has crashed, our Fed has become more concerned about the global economy.

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Market in a Minute 2015-9-22