Congress tasks the Fed with pursuing max employment and price stability. But the Fed acts as if financial-market stability were also its responsibility.

After weeks of hand-wringing among investors, borrowers, and analysts, the Federal Reserve decided to continue to delay its first interest rate increase in seven years.

After weeks of hand-wringing among investors, borrowers, and analysts, the Federal Reserve decided to continue to delay its first interest rate increase in seven years.

Answer out of Jackson Hole: Not as much as they thought.

Answer out of Jackson Hole: Not as much as they thought.

Central bank plans to do reverse-repos for limited time only.

Central bank plans to do reverse-repos for limited time only.

December is undesirable for the first Fed increase; the vast majority of analysts currently expect rates to rise in September.