The Fed, today:

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee now expects a somewhat slower pace of recovery over coming quarters than it did at the time of the previous meeting and anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate. Moreover, downside risks to the economic outlook have increased.

[snip]

. . .the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent. The Committee currently anticipates that economic conditions–including low rates of resource utilization and a subdued outlook for inflation over the medium run–are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.

[snip]

The Committee discussed the range of policy tools available to promote a stronger economic recovery in a context of price stability. It will continue to assess the economic outlook in light of incoming information and is prepared to employ these tools as appropriate.

I’m delighted to hear the Fed will “continue to assess the economic outlook.” That’s its job. But it is also its job to “foster maximum employment.” Most economists think it could have helped that mandate had it announced further quantitative easing. But no, it’s just going to sit on its hands and watch for a while. That will be great comfort to 14 million unemployed Americans, I’m sure.