Oil and Food Prices Keep Rising, but It's Not Time for the Fed To Act

With oil prices 14% higher in the last week, up $12 a barrel to around $97, consumers are poised to pay more at the pumps even as Libya's main oil company, Arabian Gulf Oil Co., resumes exports from rebel-controlled areas that account for a quarter of Libya's supply, according to The Wall Street Journal. Even though Libya accounts for a mere 0.5% of U.S. oil imports, those rising crude prices are percolating through the U.S. economy, leading many to wonder: Should the Fed change its course and raise interest rates to control prices? Nobody likes higher prices, but the answer is still "no." Raising interest rates has risks as well as benefits. One risk is that with the national debt at $14.1...

Source:
http://article.wn.com/view/2011/02/28/Oil_and_Food_Prices_Keep_Rising_but_Its_Not_Time_for_the_Fed/

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