The oil spike has a strong inflationary component -- yet it may make the Fed less vigilant.

If we've seen the best cast of the bubbleists, there's little to fear.

The risk from record oil prices is less than meets the eye -- or, at least, different.

Katrina could trigger important revaluations in stocks, bonds, and oil.

Expectations that the Gulf Coast disaster will deter the Fed are all wet.

The post-Katrina risks to markets are mostly political, not economic.

Bonds are captured by "money illusion" -- but the Fed is unlikely to play along.

Pro-growth policy is still on track, despite post-Katrina economic and spending shocks.

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.