Where do we go from here, now that we're not going to zero?

Emerging markets currencies are re-linking to the dollar -- and that way lies inflation.

For now Obama's regulatory proposals are just proposals -- but they're another step away from economic dynamism.

Markets should be relieved tomorrow when the Fed stays the course.

The Fed's abandonment of its deflation worries changes almost nothing.

Yesterday's FOMC takes some of the edge off, but the inflation theme is alive and well.

Today's jobs report raises issues about the shape of recovery and the risk of deflation.

The Fed may be off deflation watch, but markets evidently are not.

The Fed is losing the short-term financing for its long-term liabilities.

A proposed surtax may be the kind of self-correcting policy over-reach we saw in March.