Or the ruse is this alleged bias towards tightening. There have been 15 such biases since 1996, and only one actual tightening. Meanwhile, the coupon passes (another one today - 11 in less than a month) are where he is putting his money, so to speak. Watch what he does, not what he says.
I still think the next rate change will be down.
-- Enrique Diaz-Alvarez Office # (607) 255 5034 Electrical Engineering Home # (607) 272 4808 112 Phillips Hall Fax # (607) 255 4565 Cornell University mailto:enrique at ee.cornell.edu Ithaca, NY 14853 http://peta.ee.cornell.edu/~enrique