Gold's inflation warning is too obvious for even the post-Katrina Fed to miss.

Bond markets are only beginning to see that the Fed's normalization course will not be deterred.

A deficit hawk has emerged as the unlikely man at the margin on tax cuts.

Grassley puts tax cuts at risk, while Greenspan gives himself one more vote.

Fed rate hike expectations are above pre-Katrina levels -- so why is gold so high?

The pro-energy and anti-consumer consensus is ripe for reversal.

Already nervous stocks have been discounting deepening political risks.

High energy prices are unlikely to derail an expansion based on wealth creation and capital formation.

The emergence of deficit-hawks on the FOMC presents a new prospect for monetary policy risk.

The Fed fooled bonds by treating high energy prices as inflationary, not contractionary.