"Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability … Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation." -Fed press release following Wednesday FOMC meeting

The reality of the FOMC meeting on Wednesday and its subsequent – and sudden – dovishness generated considerable speculation.

From our perspective, the statement is one more piece of evidence regarding the creation of a new kind of central-bank oriented economy.

This New "21st Century Economy" features a tripartite stool of emergent monetary policies.

The stool is supported by three legs.

One is low or negative interest rates. The second is the "cashless" society. The third is the "basic income."

These policies represent a fundamental shift in how economies operate. It changes the way we think about money and use it.

We will need to consider it regularly when making plans for generating and retaining wealth.

The recent FOMC meeting showed clearly that this stool is under construction.

Why? Let's start with the most obvious.

The harsh realities of the US economy simply dictate that the Fed must be very careful about higher rates.

The Fed did try to hike late last year. As it turned out its single 25 basis point hike triggered a considerable market swoon.

Of course, the Fed remains committed to more such hikes in 2016.

But the Fed is stuck in zero-bound. It is only loose credit that galvanizes America's distorted and increasingly bankrupt economy.

A recent ZeroHedge post summed it up well.

The Zero Hedge analysis centered around the word "accommodative."  As in, "the stance of the monetary policy remains accommodative, thereby supporting further improvement in labor market conditions …"