At least this is the FT's version of where the US Federal Reserve are at right now. The measured pace is set to continue, and it's all down to the wording of the accompanying statement:
The US Federal Reserve is set to press ahead with its campaign of raising interest rates at its meeting next week, in spite of the economic impact of Hurricane Katrina. But there is expected to be intense discussion of whether substantial changes to the wording of the accompanying policy statement are needed.
Fed officials are reasonably relaxed about the hurricane's impact on national measures of production and consumer spending and employment.
A small dip in the second half of the year is expected to be recovered during the reconstruction effort.
Maybe I won't need to eat my hat after all :).
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