Fed's Gramlich Says:

Fed's Gramlich Says Federal Reserve Must Control Inflation in `Oil Shock'
hxxp://www.bloomberg.com/news/economy/fedwatch.html

Auszug:

Sept. 16 (Bloomberg) -- The Federal Reserve may be willing to accept a temporary increase in unemployment by lifting interest rates as oil prices rise because the ``worst possible outcome'' would be to let inflation get out of control, Fed Governor Edward Gramlich said.

``It is virtually inevitable that shocks will result in some combination of higher inflation and higher unemployment for a time,'' Gramlich said in the text of a speech at the Federal Reserve Bank of Kansas City. ``The worst possible outcome is not these temporary increases in inflation and unemployment. The worst possible outcome is for monetary policy makers to let inflation come loose from its moorings.''
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``The best approach is likely to be to accept some temporary rise in both inflation and unemployment, with the increases being based on underlying objectives,'' Gramlich said. ``The rises would be temporary so long as inflation did not persistently deviate from its long-term price-stability target. But even in this preferred approach, the widely watched nominal federal fund rate would likely rise for a time.''
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``The price rise makes for an effective reduction in domestic income of $68 billion,'' he said. ``The effective demand reduction could be even greater.''

Der Ölschock setzt sich unvermindert fort - und dieses führt dazu das die Preisspirale (Preisinflation!) weiter nach oben dreht.

Die Fed ist weit hinter der Kurve zurück -

- die Zinsen steigen - sie sind aber insgesamt ohne Bedeutung, weil sie hinter der Inflationsrate zurückbleiben
- die Zinsen fügen aber dem US Verbraucher und den US Unternehmen zusätzliche Schmerzen hinzu
- die Zinsen werden aber wenig bringen um die Inflation unterdrücken zu können, weil sie hinter der Inflationsrate zurückbleiben
- die Zinsen werden aber einen bedeutenden Schaden am US-Arbeitsmarkt anrichten und deshalb damit das Haushaltdefizit steigern.