Our earlier comments were picked up by the WSJ. Its in the public (free) section, and has lots of other comments by lots of other commetators. It is definitely worth a look.
Here’s my blather :
No surprises today: He struck a hawkish tone, as expected. This is
consistent with what we heard from his warm-up acts last week. Chicago Fed Prez
Michael Moskow and Dallas Fed Prez Richard "8th Inning" Fisher struck similar
notes. Moskow suggested that rates are "historically low," that inflation was
"creeping into the core" CPI rate, and suggested that rates may need to "rise
further beyond neutral" to kill inflation. We listened hard as we could to the
new Fed head, but were unable to discern anything inconsistent with Moskow’s
speech. Bernanke stated that "resource utilization was rising, cost pressures
increasing, and short-term interest rates still relatively low." That hardly
implies a Fed nearly finished with their tightening cycle. — Barry Ritholtz,
Ritholtz Research; blog: The Big
Economists React to Bernanke Testimony
‘Greenspan Clone’? Inflation Hawk? And What About Housing and Jobs?
February 15, 2006 3:49 p.m.