The Fed finally awakens to the inflation threat -- and in time to remain "measured."
Record crude prices mean a monetary mistake could be not just dumb, but disastrous.
Bond yields are finally getting back into line with the rest of the world's markets.
Undervalued stocks have absorbed the inflation scare that has devastated bonds.
Still oblique, but Greenspan's inflation warnings are getting louder and clearer.
Social Security reform is tied to the Bush growth agenda -- and both are still in play.
As the evidence mounts, inflationary risks are becoming impossible for the Fed -- or the bond market -- to deny.
Bush risks throwing away his tax cuts in a gambit to win Social Security reform.
Even bonds are beginning to see that a "measured" course isn't enough for the Fed.
Cheap stocks in a robust economic environment are an outstanding risk/return play.