Too high and too low

John Dizard:

"[Interest] [r]ates are too high to maintain a trend rate of growth and to avoid the effect on the larger economy of a housing bust. They are too low to ensure price stability... [W]hile Austrians are natural goldbugs, I think the price of gold will be lower over the next nine months then it is now... As long as policymakers are torn between conflicting imperatives, you should anticipate their next, politically driven, move."

4 September 2006, Financial Times, Fund Management, "Fed wrestles with intertemporal misallocation"