http://www.nytimes.com/2008/07/17/business/17econ.html?_r=1&hp&oref=slogin

As originally seen on BccList.com here…

“Inflation rises in May (and eventually June and July)…The “good” thing is that the interest rate cuts should be over (if the fed has any sanity left) so the dollar should “rebound” and inflation will continue to rise but not as horribly as it has been. $3 a gallon gas by the end of the year!!!”

I’m not so confident in the fed right now although they probably (and thankfully) won’t cut rates again this year.  However, nothing will change unless they AT LEAST start HINTING of an interest rate increase as originally seen on BccList.com here.

If the fed doesn’t at least hint of an interest rate increase (no actual action required), we’ll be paying $3.50-$4.00 a gallon for gas throughout the rest of 2008.  Laughable but I know one group of individuals that won’t mind – “big oil” shareholders.