DROPPING THE BALL? “The Federal Reserve is downplaying the real risk of a double-dip economic recession and of the associated threat of Japanese-style deflation.”

UPDATE: A Wall Street reader emails: “Deconstructing the Fed’s communications is a Talmudic exercise. In the current environment of endless crisis, what they feel compelled to deny is what they most fear. All those years in Hebrew school have served me
well….”