The Federal Open Market Committee does not appear from any of its official statements or from the speeches and testimony of its members, to be concerned about excessively strong labor markets or the prospect of wage inflation,

The yields indicate that markets aren't concerned about inflation or that they're confident that the Fed is on the job and will contain it. But there's some sort of subconscious, collective belief that sustained manageable inflation is too good to be true and eventually the other shoe will drop.

They are not using that possibility as a justification for their tightening campaign, in contrast to past years when there was a lot of concern about tightening labor market.

It will come at a really interesting time because the Fed has been so much more successful in recent years than central banks in countries that favored a more rule-oriented approach. One has to wonder why the Fed would abandon the approach that has worked so well.

It's certainly unpredictable as to how long this is going to go, and how deep it is going to be and what the impact will be.

It's quiet clear in the infamous '92, '93, '94 period, the Fed was pretty darned determined not to open up and certainly not to disclose the fact it had these complete transcripts.

It's more difficult for a governor to have anything resembling a common touch if their personal finances are in a different solar system.

It's a rather flexible term that gives them the chance to take many different actions,

There will be a perceptible political call by people for a more rule-bound policy after the magician (Greenspan) leaves the stage.

As a group, they will have a sense they have something to prove and that what they have to prove is they can be tough on price stability.