William Poole who was president of the Federal Reserve Bank in St. Louis from 1998 to may of this year when he reached his mandatory retirement age.

Poole says we are in a delicate state the federal reserve has to be cautious because of the accommodating economy we are in. His guess is that interest rates will go us instead of down.

To learn the views from a man who sat in the chair go here

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/07/06/BU7B11JL8P.DTL&hw=The+Ex+fed+President+says+more+needs+to+be+done+to+fight+inflation&sn=001&sc=1000

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