Fed waits for the fog to clear

The latest policy statement from the Fed today is remarkable for what it omits rather than includes. There is no explicit mention of the government shutdown or what impact it might have on the economy or the Fed's monetary policy. It is possible that Fed officials want to downplay the recent two-week closure and the potential for another shutdown early next year because they still intend to begin tapering the asset purchases at the FOMC meeting in December.