This is not a policy of indifference. This is a policy of additional restraint. Contrary to what they say, they think the inflation threat is graver than the threat to growth.

The world's default mode is basic indifference. It'd like to care, but it's just got too much on at the moment.

There is the pessimistic notion that this is not going to go away and that's going to have a more lasting impact on driving habits and behavior, I suspect, than we've seen so far.

This is the kind of thing that happens with economic data. In any given month, you have random variations in price trends Those random changes tend to offset each other.

It's going to take a lot more than one month to convince me we are in a worrisome trend.

It's as good as it gets. You've got low inflation, minimal wage pressure, great productivity, booming growth and strong demand.