China's not dumping. It's Treasuries gearing up for "Black Wednesday" with the Fed.

How much more recovery can the economy take?

A record 2-10 Treasury spread shouts "inflation," but the Fed can't hear it.

The Fed is less worried about deflation -- but it's not worried enough about inflation.

Slowing job losses don't mean the Fed will get on the job of inflation fighting.

Where do we go from here, now that we're not going to zero?

Emerging markets currencies are re-linking to the dollar -- and that way lies inflation.

For now Obama's regulatory proposals are just proposals -- but they're another step away from economic dynamism.

Markets should be relieved tomorrow when the Fed stays the course.

The Fed's abandonment of its deflation worries changes almost nothing.