New inflation awareness means that the Fed can do more sooner, and avoid doing too much later.

Bonds are making yet another bad bet that the economy is slowing, and that the Fed is done.

Some macroeconomic variables are parallel to 1987, but markets are totally perpendicular.

The Fed gets it right again -- by accident. But the risk of major error is increasing.

The worst thing the Fed could do now is to repeat Greenspan's 1987 mistake.

An inflation-aware Fed will do the right thing for the right reason -- but still may get it wrong.

It was the high water mark of inflation expectations and carry trades -- but it's a mistake to think it's going to roll the economy over.