Inflation Ahead, and it's deliberate

The Cunning Realist argues that the Fed is moving towards inflation but trying to keep it quiet and relatively slow (I don't think he adequately takes the midterm elections into account: unless there's some way to blame it on Democrats as a group, the Fed will do everything in its power to keep gas prices from spiking next summer). This represents a stark shift from Greenspan's previous pattern, and should, as TCR says, be explained publicly, but it might represent the fruits of the transition to his successor, who's more of a money-supply guy.