Caroline Baum: At last, all those words from the Fed will come to something

Le jour est arrivé, as the French would say.

After a year of preparing financial markets, only to see its best laid plans upended by “global and economic financial developments,” several recurrences of “uncertainty” and a disapproving bond market, the Federal Reserve is about to make good on its promise to raise the federal funds interest rate by 25 basis points at the conclusion of its meeting on Wednesday.

So much talk, so little action. It was enough to inspire the Brookings Institution to organize a conference on “Understanding Fedspeak,” focusing on the ways in which the Fed could improve its communication.

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