Instead of dropping 'measured,' they chose language that acknowledges the modest pick-up in inflation pressures. This may be a step toward getting rid of 'measured;' of being more aggressive without indicating a change in the plan. |
Normally Greenspan's pretty cautious, but this time he didn't pull any punches in being upbeat on the economy. |
Our portfolio remains slightly below duration. But then, the entire fixed-income universe has been defensively positioned for months now. |
What we're waiting to see is whether the increase in commodity prices will sift through into core inflation. |