Desidooru Saloon got it spot on yesterday on the mainstream media’s coverage of the upcoming Fed policy meeting.

Contrarians, particularly those at Agora Financial, have been sounding the alarm over inflation ever since the Fed started doing a Norman Bates on interest rates.

Now the mainstream is catching up… in their own strange way.

“It says something about the state of affairs in monetary policy,” says a Desidooru hack, “when a Reuters reporter can write the following sentence not only with a straight face, but probably oblivious to the seeming contradiction:

The dollar rallied on expectations the U.S. Federal Reserve will take a more hawkish line on interest rates later this week at a meeting in which it is widely expected to leave rates unchanged at 2 percent.

“Yes, leaving interest rates unchanged when they sit roughly 200 basis points below CPI is a ‘hawkish stance.’

“Only in America.”