“Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability … Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.” -Fed press release following Wednesday FOMC meeting

The reality of the FOMC meeting on Wednesday and its subsequent – and sudden – dovishness generated considerable speculation.

From our perspective, the statement is one more piece of evidence regarding the creation of a new kind of central-bank oriented economy.

This New “21st Century Economy” features a tripartite stool of emergent monetary policies.

The stool is supported by three legs.

One is low or negative interest rates. The second is the “cashless” society. The third is the “basic income.”

These policies represent…