In one of those "duh" moments, Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis says that the fed should raise interest rates this year to guard against inflation.
Guard against inflation? Where have you been?
If we don't have inflation now, I don't want to see what it looks like when it gets here. Oh, I forgot, you don't count gas and food in your formula. Bought a pair of jeans lately? No, probably not.
In case you haven't looked, inflation (call it whatever you like) is already raining on the rest of us.
The presidents of the Dallas and Phialdelphia Federal Reserve Banks are thinking credit needs to be tightened also.
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