The Fed Takes a Step Into the Danger Zone

I have a problem with the Fed these days. Put simply, I think it's trying too hard. And too much work from the Fed threatens the current economic recovery.

The following quote from the last Federal Open Market Committee meeting is especially dangerous:

Nevertheless, possible increases in resource utilization as well as elevated energy prices have the potential to add to inflation pressures.

The Committee judges that some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance. In any event, the Committee will respond to changes in economic prospects as needed to foster these objectives.

The FOMC needed to pause Tuesday. ...