Well Uncle Al is tightening. Who woulda thunk he'd start pre-election? Not I. For details, go see: http://www.federalreserve.gov/releases/h6/Current/ He's trying to keep it somewhat of a secret, saying that "deflation remains a threat", but his actions are clear. So, I have three questions for the crowd: 1. Does this mean we can expect to see at least one round of a raise in the reserve rate pre-election? And when (most likely this year, IMO, if it happens pre-election)? 2. What does this spell out for the markets thru November `04? Rising interest rates? How does this affect earnings and equity prices? 3. Is this a minor burp in the continued money supply expansion, and thus no immediate concern?