Fed votes to leave unemployment rate unchanged.

Everyone knows the Fed will vote today to leave the Fed Funds rate unchanged.

But will they change anything in their statement?

If they said, without doing anything but just said they were changing their inflation target from 2% to 3% for at least five years it would have a beneficial effect on the economy.

They wouldn't have to actually do anything. Just say it.

Or maybe they could announce they are restarting their intervention in the mortgage markets, or increasing 'quantitative easing' or something...

Instead they will probably keep the status quo, which would be kind of like announcing they're leaving the unemployment rate unchanged.

(In fairness, it is quite possible they will announce some change in language from the last statement reflecting that they get newspapers and are aware that GDP and employment are faltering. One can hope.)

It is VERY confusing!

The stock headline on Fed meeting days like today is "Fed votes to keep interest rate unchanged."

The OP is about Fed inaction and how not doing anything is kind of like saying we're leaving the unemployment rate unchanged.

The headline is a joke -- a dark and serious joke, but a joke.

are somewhat limited.

to some number of degrees. Not that earth cares or will respond to their votes.

Unemployment is what it is, regardless of what fictional number they choose to assign to it.