An investment community that was eagerly anticipating the Federal Reserves latest outlook on the economy was forced to wait a few extra minutes Wednesday afternoon due to & a faulty copy machine.
Thats right the driving force in the ongoing attempts to stave off another global recession, the Fed was nearly stymied by a jammed copier.
The situation wasnt helped by the unusually long release from the central bank. Typically two pages long, Wednesdays announcement included three extra pages devoted to details of securities purchases from the New York Fed. The copier in the room where reporters were receiving the statement was jamming every 30 pages or so, forcing remaining pages to be printed out from another room, according to FOX Business' Peter Barnes and other reporters in the "lockup" in the Treasury press room, where the FOMC faxes it statements.
The Fed's statement is usually unveiled at around 2:15 p.m. ET; on Wednesday, the report was released at around 2:23 p.m.
On days when the FOMC makes its policy statements, the copy machine is typically given a thorough inspection in hopes of avoiding such problems, Barnes notes. Despite the Feds best efforts, it jammed anyway.
Lets hope Operation Twist is more successful.