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The trajectory the economy has been following is what Fed officials broadly projected when they began giant purchases of bonds in 2008.
That is because the forecast represents what Fed officials expect will happen to the economy in response to "appropriate" monetary policy.
The Fed predicted that core inflation would range from 1.5percentto2percentcent in 2005, which is at the highest boundary of what Fed officials consider acceptable.
Had the central bank decided to leave interest rates unchanged, the stock markets would most likely have plunged into a panic — exactly what Fed officials wanted to avoid.
In the deal announced on Monday, the Fed agreed to lend JPMorgan Chase $29 billion and to hold as collateral what Fed officials estimated were $30 billion worth of mortgage-related assets owned by Bear Stearns.
"The committee remains concerned that over time increases in demand will continue to exceed the growth in potential supply, even after taking account of the pronounced rise in productivity growth," the statement said, alluding to what Fed officials view as the most basic of economic imbalances.
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The news is full of economists wringing their hands over what the Fed is going to do with the federal funds rate: Whether they have tightened too much or too little, and just what level of the "real fed funds rate" would be "neutral".
People who want to know what the fed "is doing" need only consult its balance sheet (publicly available here) and the minutes of the FOMC meetings, which are available with a lag.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com