It is a foregone conclusion that there is no threat of inflation ... the question is not when the Fed will ease, but how much, and how frequently.

We haven't had this kind of an environment since the Truman years.

This time around it's at the high end, so in this sense, it is sufficient for addressing inflation.

Prices will keep pace with inflation, which is expected to reach 10-10.5%, given no cataclysms.

The Fed will want several months to confirm that inflation risks have shifted lower and there are subtle phrases that suggest they're not really believers. Take core [personal consumption expenditure inflation] down to 1.5% and they'll sing a louder tune.

We think inflation in the middle of this year will be back below target. We are likely to see 5 percent base rates by the middle of the year.