Looking for more clarity in Fed talk

THE recent announcement by Federal Reserve chairman Ben Bernanke that the central bank wouldn't immediately begin tapering its asset purchases seemed to be just what markets were hoping for: Stock and bond prices both rallied on the news, increasing the net worth of millions of Americans - at least until the spectre of a fiscal cliff again raised its ugly head in Congress.

So why did the Fed's action reap a blast of criticism?

Reuters said 33 of 48 economists it polled faulted the Fed for being "unclear" in its communications, adding, "It is rare for a consensus of economists to criticise a major central bank." The Wall Street Journal said Mr Bernanke's announcement was "the latest in a series of communications missteps". But perhaps their ire would have been better directed at the lawmakers in Washington who are trying to shut down the government and are threatening to default on the national debt.