On 3/29/06, Doug Henwood <dhenwood at panix.com> wrote:
> Historically, the Fed has almost never made policy on international
> considerations. My guess is that they really want to deflate the
> housing bubble, and they're worried about wage inflation and slowing
> productivity. Bernanke said at a talk at the CFR I attended in Jan
> 2005
> <http://www.cfr.org/publication/7618/c_peter_mccolough_series_on_international_economics.html>
> that in a "maturing" expansion, such as this one, productivity
> deteriorates, and that would incline the Fed towards tightness.
-- Jim Devine / "There can be no real individual freedom in the presence of economic insecurity." -- Chester Bowles