Reuters reports that a poll of 46 economists correctly predicted the Fed to keep its lending rate unchanged. More to the point, those economists are split almost perfectly between those who expect a rate increase in December – the last chance to move rates in 2015. It is another disappointment for monetary conservatives, the Federal Reserve lives up to low expectations and keeps interest rates unchanged despite stable US economy. Assuredly, the expected slowdown in global growth has provided ample cover for doves who want to keep interest rates as low as possible for as long as inflation remains low and steady. Furthermore, proponents of the new policy may worry that tightening now will only further enhance US dollar strength at a time when exports are already expensive on the world stage. However, waiting for the stars to align for every other country on the globe before raising rates is a nearly insurmountable (and historically unprecedented) hurdle for a change in US monetary policy. Besides, there’s no guarantee that other countries are eager to restrengthen their currency, so holding firm doesn’t seem to give our exporters any near term advantages.