Reform the tax code and stop regulating

Kevin Warsh, the youngest member of the Federal Reserve Board penned that phrase in a long WSJ piece Monday. Larry Kudlow summarizes the piece here. Both commodities and equities have moved sharply higher in the short term in anticipation of what the Federal Reserve is doing now...BUT the real test (for equities anyway) is corporate earnings which have been good overall. Higher fuel and food prices are surely in the works.