Fed says weak wage growth may reflect weak productivity

Highlights of the Fed's monetary policy report to congress

• Tough to read whether low productivity will fade or represents the new normal
• Sees only 'moderate vulnerabilities' in US financial system
• Strains in corporate bonds have been minimal
• Credit card and auto loan delinquencies have 'drifted up'
• Current fiscal policy has a roughly neutral effect on GDP

We've heard all this before.