We learned [last] week that the largest automotive recall in history will rid the road of millions of government-required, defective airbags. To be fair, the government didn’t require that they be defective, just that cars are required to have them. We also learned that there will not be a recall of monetary policy. At least not in June. Minutes of April’s FOMC meeting clearly reveal that committee members are disappointed with the economy’s performance and do not possess a sufficient level of confidence to tighten policy just yet.