Perhaps in a further step down the road to Perdition after his Victoria's Secret commercial, the following appeared on the Fed of Cleveland's web-site:
The Rates They Are A-changin' (with apologies to Bob Dylan) Come gather 'round people wherever you roam Recognize that inflation around you has grown And accept there's a chance it could rise through its zone Price stability is worth preservin' So less stimulus from the Fed don't bemoan For the rates they are a-changin'. Come writers and critics who prophesize with your pens Who are so confident in your opinions But don't speak too soon for the data still spins And there's no tellin' where it is goin' The theories out now could later be in For the rates they are a-changin'. Come savers, investors, please heed the call The signs are well-posted and the writin's on the wall Inflation dynamics no longer are stalled For markets are equilibratin'. And many have said that the funds rate's too small For the rates they are a-changin'. Thank goodness most people throughout the land No longer criticize for they quite understand Reputation requires that you protect your brand When patience so plainly is wanin' So stay with the program while the Fed plays its hand For the rates they are a-changin'. The line it is drawn, the course nearly cast The risks we face now appeared small in the past But with measured steps the expansion will last Futures markets are anticipatin' A considerable time will be comin' to pass For the rates they are a-changin'. Disclaimer: These lyrics are a Dylanesque take on the current situation; they are not an official statement about the likely course of monetary policy. ------------------------ Jim Devine [EMAIL PROTECTED] & http://bellarmine.lmu.edu/~jdevine
