The Federal Reserve is micro-managing the economy this summer, and we find its actions better than its words.

Back in mid-July, when the Fed was required to tell Congress what it thought the economy was doing and how it should respond, Alan Greenspan, its owlish chairman, told the House Banking Committee he saw no evidence of a double-dip recession. The central bank's next big move, possibly next year, he said, should be a tightening aimed at fighting inflation.

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