I think we have conditions in place now that could put off the tightening. Unfortunately, there is some inflation embedding itself.
We haven't seen big gains in jobs yet, so Greenspan can't be completely confident this expansion will be self-reinforcing, ... But I believe a blowout employment report is on the near-term horizon, and that will set the conditions for a change in interest rates.
The market has done part of the job, but this tightening is not yet substantial -- financial conditions are still near their loosest points in many, many years,