Bill Cheney Faster Quotations

Looking ahead beyond the current gloom, there is a serious risk that we already have inflationary forces baked into the system. By late spring, the Fed could be cranking up interest rates even faster than they cut them.

When demand does start to rebound, the Fed will have to deal with the delayed effects of a year of aggressive monetary stimulus. Short-term rates will almost certainly have to rise faster and farther than seems credible today. Of course, this is a problem that we now feel we would enjoy facing.

I don't think the Fed is under pressure to raise rates faster than they have been but I think they'd be crazy to think that they should be done tightening.