The Fed isn't going to be as easy as it once seemed, but it's still very easy.

It's still a slowdown, not a recession -- but whatever it is, it's almost over.

The Fed's new virtuous cycle changes the relationship of growth and inflation.

Don't read too much into minutes of an FOMC meeting held the day after the end of the world.

The economy stabilizes short of recession, and "inflation plays" emerge as "growth plays."

The euro's run may be ending as the Fed starts acting more like the ECB.

The surge in oil has been somewhat overdone, but at base it's a sign of improving growth prospects.

Tomorrow the Fed will pause -- but an end to the easing cycle would be more refreshing.

The FOMC was disturbingly vague -- but the finger is off the rate-cut trigger.

Things will have to get a lot worse for this to be a recession. And they're likely to get better.