The Fed has and must have a commitment to price stability. The uncertainties on the upside (for inflation) have only gotten bigger since Katrina slammed into the Gulf Coast,

The Fed has and must have a commitment to price stability, ... The uncertainties on the upside (for inflation) have only gotten bigger since Katrina slammed into the Gulf Coast.

The Federal Reserve must deliver -- again and again -- on its commitment to price stability,

The Fed has and must have a commitment to price stability,

One option that is clearly not on the table is allowing an unacceptable rise in inflation,

The uncertainties on the upside (for inflation) have only gotten bigger since Katrina slammed into the Gulf Coast.