Hi Dan,
Excuse the late reply, just back in town from a weekend out.
I no fan on AG either, although I will give him that the job is an extremely difficult one with the political and public pressures that go along with it, even though the Fed claims "independence" (Which I doubt).
He is playing a dangerous game here, the longer he waits, the more potential for "inflationary pressures" to arise that may require a sharp series of rate increases, crushing the markets. If he is holding back out of election concerns, well, more shame on him, however the will be penty of opportunities to do so before Nov. Or, he knows that we are more than likely to get back to that recession track in 2005/2006, so, if that's the risk, he can hold back AND look accomodating. The problem is, IMHO, if the market is buying into the the sustaining expansion scenario, they NEED to see rates go up to validate that. Quite a guandary for AG.
It will be interesting to watch this play out. <g>
A-M-S
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