Jeffrey: The Fed's growth forecasts are in doubt again

'Disappointing' seems to be the most common epithet attached to the word 'growth'. This is as true for the US as it is many other developed and developing economies.

Being disappointed, of course, has to be measured against an expectation of what you hoped or anticipated would happen. Welcoming the evening's clientele to the Kit Kat Club, in the musical Cabaret, the master of ceremonies tells people: "Leave your troubles outside. So, life is disappointing? Forget it!" Maybe that is what central banks should be saying to financial markets; that, rather than wallowing in disappointment, markets should be adjusting their expectations. This would require a type of leadership from central banks, including the Federal Reserve, that is sorely lacking at ...