Financial Times:Greenspan says Fed ready to act on inflation
Alan Greenspan, the chairman of the Federal Reserve, on Tuesday indicated that interest rates might have to rise faster than expected to keep inflationary pressures under control. Speaking from Washington via satellite link to a conference in London, Mr Greenspan said he remained confident that the Fed could afford to remove monetary stimulus from the US economy gradually but that he was ready to take stronger action if necessary. Although the reaction in financial markets was muted, economists said the comments marked a significant shift in Fed rhetoric, with inflation starting to take centre stage.


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So, those of you with adjustable rate mortgages might wish to sprint for the nearest finance company without stopping Go or paying 9% interest.