You're Down To Your Last 8 Bullets, Boys

The Fed just cut the target for the Federal Funds rate by 25 basis points, down to 2.00%. Eight more of these 'small' cuts and the Federal Funds rate will be at zero. The Fed is not nearly as worried about rising commodity prices as I am:

Although readings on core inflation have improved somewhat, energy and other commodity prices have increased, and some indicators of inflation expectations have risen in recent months. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook remains high. It will be necessary to continue to monitor inflation developments carefully.

Two of my favorites, Fisher and Plosser (go Rochester!) voted against the move as they "preferred no change in the target for the federal funds rate at this meeting." Maybe worrying about stagflation is a Rochester thing.