Must-Read: Growth Falls Off Sharply in Third Quarter: "The economy grew at a 1.5 percent annual rate in the third quarter...
:...a sharp slowing from the 3.9 percent rate reported for the second quarter.... For the first three quarters of the year GDP has risen at a 2.0 percent annual rate.... There continues to be no evidence of inflationary pressures in any sector...
A 2.0%/year growth rate over the past three quarters, a 2.1%/year growth rate over the past four quarters, a 2.9%/year growth rate the year before (2013:III-2014:III), and a 1.6%/year growth rate the year before that (2012:III-2013:III).
The case for tightening monetary policy is not obvious, to say the least...