| It seems that Fed is active these days in convincing market that it is ready to fight inflation. It will be more comvincing if Fed shows a similar dispay of conviction and resolve telling the U.S. Congress to observe fiscal discipline. Fed's bark in the recent weeks may be directed at the wrong tree. Under the watchful eyes of Fed when the interst rates have touched 41-year low of 1%, federal budget surplus of the nineties has turned to a growing deficit. |
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