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Novak? He's No Expert on The Fed!

Posted on June 16, 2008

Everyone seems to be all abuzz about a Robert Novak column in today's Washington Post. Speculation that the Federal Reserve is about to begin inflation-fighting interest rate increases appears to be dead wrong. Fed Chairman Ben S. Bernanke is worried more about runaway oil prices contracting the global economy than inflating it through a wage-cost spiral. According to sources close to him, America's leading central banker has no plans for a raise. I don't expect Fed hikes anytime soon, but it has nothing whatsoever to do with Novak's column. In fact, so far, Novak is a perfect contrary indic...

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bernanke , discount rate , economy , fed , fed funds , fomc , inflation , oil , the fed