A primer on inflation (with comments on real estate in the Metroplex)

Remarks at the 6th Annual Real Estate Symposium, North Dallas Chamber of Commerce, Dallas, Texas, August 30, 2006 ; "Our current analysis points to an economy at a crossroads. High energy prices, rising interest rates and the slowdown in a red-hot housing market have taken some of the steam out of what had been a fairly robust expansion. At the same time, our current inflation indicators are not presently as well behaved as I would like them to be. Central bankers are always concerned when inflation starts to rear its ugly head. We know from experience that once inflation gains momentum, it becomes harder and harder to stop."