No recession. No deflation. Was this even a correction?

Despite a seemingly overwhelming consensus, it's still too early to take rate cuts for granted.

There are other tools for the job. In fact, when easing expectations rise, stocks go down.

We still think it's an open question, but either way stocks and inflation plays will do well.

Let us be the last to say so -- the Fed will cut rates on September 18. But that doesn't mean recession, or a prolonged easing cycle, is around the corner.

No, nobody did. Nobody but the Treasury curve, that is.

Bernanke will cave to market pressure and cut the funds rate once, but a neutral bias will disappoint the doves about future cuts.

The Fed caves in to panic, and inflation risk kicks into high gear.

For the Fed, it's "jobs, jobs, jobs" -- and inflation is a matter of deep denial.

The Fed has kicked inflation pressures into high gear, pretty much for no good reason.