Sorry, I was not able to try and help crash the Fed's server today in obsessive refresh mode... other commitments. Below is the pertinent text to my eye. They at least admit that some commodities are rising, they state that "inflation has picked up"... to which I say inflation picked up in 2008 and early 2009. The effects of said inflation are becoming apparent now. But then again, the general public does not know that, do they?
And with government, Wall Street and people who love to lay blame on the traditional energy industries always ready to scapegoat the oil execs, here comes this old chestnut again. Oil is another commodity rising due to too much funny munny that already came out of the spigot. Middle East unrest is a symptom of ongoing and disenfranchising global inflation.
Anyway, I am just glad to get the good and bad cops out of the way for now and get back to managing the markets.
Commodity prices have risen significantly since last summer, and concerns about global supplies of crude oil have contributed to a further increase in oil prices since the Committee met in March. Inflation has picked up in recent months, but longer-term inflation expectations have remained stable and measures of underlying inflation are still subdued.
