I don't believe it's a harbinger of doom.
They are determined to do the right thing, determined to keep the huge run-up in energy and other commodity prices from infecting the system in a broader way by pushing up core inflation. That means a period of uncertainty for a while for investors.
I think he wants to maintain [Greenspan's] inflation-fighting credentials.
There were no ticking time bombs in the inflation report. Although there was a substantial rise in energy prices, otherwise inflation remains very contained.
This report confirms that economic growth is solid but not overheating. Employment continues to grow at a moderate pace and business continues to do a very effective job of maintaining company productivity and growth.