February 08, 2005

Looking at the numbers, it seems to us that the Maestro has guided the economy beautifully. We do not believe that the Fed is the reason for real growth in the economy; however, we also have to give the Fed credit for not ruining the economic environment. We subscribe to the view that the one direct channel of influence the Fed has is on the price level and the underlying inflation rate. Thus, based on our belief and judging by the performance of the price index, we have to say that the Fed has done a masterful job of guiding the economy. The Fed deserves full credit for the low inflation and stable prices environment that we currently enjoy.

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