It seems it is just never good enough for the Federal Reserve to normalize rates.

The Federal Reserve has rewritten its federal mandate with its own hand.  There is no objection from the largest borrower in the world, the federal government of the United States of America.

The Federal Reserve on Wednesday agreed to keep a key short-term rate at 0.25%.  The current unemployment rate is 4.9%.

Let us look back nearly four years and recall what Ben Bernanke declared.

The Federal Reserve on Wednesday (December 2012) agreed to keep a key short-term rate near zero until the 7.7% unemployment rate is 6.5% or lower. The short-term rate will also stay unchanged at 0.25%, the Fed said. ... Tying the one rate it controls to unemployment and inflation targets is unprecedented, economists said.

But now those announced goals are met, and then some, but the subsequent action never takes place.  The rate referred to by Bernanke is still 0.25%.

And what economists in 2012 felt was unprecedented is now common course for the Federal Reserve.  Did you notice the change?  Did you notice the sleight of hand?  This seems to prove that the Fed's actions are more whimsical than their now pretended "data driven" stance. 

In all likelihood, the real data they are concerned with is the level of the stock markets, and not just here.  That's another sleight of hand by the Federal Reserve.  Central bankers from across the globe have quietly joined hands to smooth out the business cycles and maintain a steady to up environment, everywhere.  Kumbaya.

China slumping.  A reason not to raise rates.

Japan going negative rates.  A reason not to raise rates.

The EU is swamped with migrants, and its tourism is down.  A reason not to raise rates.

In their mission to remove downturns in economies, the Central bankers declare themselves smarter than the markets and greater than economic forces.  In their hubris, they have discarded any respect for free markets, which inherently have up and down cycles, cycles that have a purpose.  Alas, the central bankers find them inconvenient and avoidable.

What is not avoidable is people being elevated to positions of power who carry with them a belief that they know now what no one knew before.  So with their power and new knowledge, they attempt to do what others never dared.  These central bankers will smooth out business cycles, while they nurture their certainty, assure each other the theories sound, and insist that low and now negative rates will cure the patient. 

Those medieval barbers were also certain that bleeding was good for what ailed their customers.  It had to be, they all agreed.  A good bloodletting should go along with the "little off the top" trim.  The patient felt better, relaxed, or was he about to pass out?

So now that all the world is the concern of the Federal Reserve, there seems to always be a found reason not to act, not to return to normal rates.  Economic goals of four years ago, such as Bernanke's unemployment number, are now passé and disregarded.  That near $20-trillion national debt grows merrily along without the discipline of interest rate concerns.  Fix that, central bankers, for it is a ramification of your policies.  Or are you afraid to look?

What's another pint or two?  The customer doesn't seem to notice.