Both! Deflationary forces continue to bear down, so the Fed will inflate all the more.

Obama loses his rock-star status, driving an historic comeback for stocks.

The new wave of economic optimism isn't moving the Fed toward serious tightening.

What can the Fed do when markets and the media expect Armageddon -- but there's no evidence for it?

Daily rescue investments in the financial sector signal that the crisis is near an end, and that the Fed has done enough.

The Fed is trying to help, but its clumsiness is undermining confidence rather than enhancing it.

A GOP victory on taxes and spending, and the emergence of Ron Paul, lowers the chances of a growth catastrophe in the 2008 election.

Not until the Fed takes inflation more seriously than it does the turmoil in credit markets.

Beyond the housing collapse and the credit implosion, things look remarkably good at year-end.

The Fed is worried -- but only about credit markets, not inflation.