But as long as they are targeting inflation it seems unlikely that further easing would occur during a period where two adverse supply shocks are driving up inflation expectations.

Since July, as the US growth outlook slowed with a more intense fiscal drag, the Fed has signalled easier policy with quantitative easing proposed to stem steady disinflation.

Commodities and stocks had decent gains over the past month in anticipation of further easing, only to be disappointed with a relatively weak policy out of the Fed on September 21st.