The general market earlier in the month had one of the steepest declines since April. But energy prices started falling. By late October, markets came back very strong.

The Fed is keeping an eye on core inflation because they were concerned about prices spilling over from energy and commodities to the rest of the economy. This increases the odds that interest rate increases can remain measured, a quarter-point at a time.

We're seeing evidence of Utah households responding to higher fuel costs by driving less, heating less, and being more efficient. And if oil prices stay high, we should also see more enduring efforts to explore alternatives, like tar sands and oil shale.

Given the fact the economy is doing a bit better following the steep slowdown late last year, the Fed is not ready to pull the trigger right away. But clearly the Fed is not done with easing just yet.

It's not going to affect monetary policy. The Fed is forward looking. The change is at the low end of expectations. At the margins, it may affect investors by refocusing on inflation. They are already concerned about oil prices.

That may be holding the market back a bit.