Listen fam... The Fed knows they have no influence over energy-specific inflation, especially in an environment where non-energy CPI inflation is making 5.5-year lows. A hike today is for the sole purpose of credibility. And that doesn't make it right. A hike today won't curb geopolitical tensions. Therefore it won't curb headline re-inflation. It's basic math. The market is testing Warsh's commitment and seeing if it can control the Fed (hint: it can, if the Fed lets it). By hiking today, the market reestablishes influence over the Fed... the exact thing Warsh wanted to prevent. If I was him, I'd give the market a middle finger and cut. How's that for forward guidance? Good luck.