Bank Failure Friday - The Farmers and Merchants State Bank of Argonia, Kansas became the 7th FDIC bank failure of 2017. This is the 524th bank failure since 2008. This small bank was overexposed to CRE loans.
The FOMC is not recognizing that lower energy costs are a positive for the Main Street economy. The 2% inflation mandate was needed when inflation peaked at 9% in 1979 as crude oil prices rose. A mandate that invites higher energy prices now is not in the best interest of the American people.