The Federal Reserve has abandoned hope of raising interest rates at its next meeting in June, but Fed officials say they are still thinking seriously about raising rates in July or September. Janet L. Yellen, the Fed’s chairwoman, who said a few weeks ago that she expected the Fed to raise its benchmark interest rate “in the coming months,” omitted those words from a Monday speech, indicating the reported weakness of job growth in May has caused the Fed to rethink its plans. But Ms. Yellen delivered a generally upbeat assessment of economic conditions. While describing the May jobs report as “concerning,” she also emphasized that it was just one piece of data and that other economic indicators, including wage growth, paint a considerably brighter picture.
Source: Janet Yellen Speech Indicates Fed Will Rethink Interest-Rate Plans
Down dropt the breeze, the sails dropt down,
'Twas sad as sad could be;
And we did speak only to break
The silence of the sea!
All in a hot and copper sky,
The bloody Sun, at noon,
Right up above the mast did stand,
No bigger than the Moon.
Day after day, day after day,
We stuck, nor breath nor motion;
As idle as a painted ship
Upon a painted ocean.
Michael Kevane 