John Taylor: What did the fed do that was so different a year or so ago? He says they held intrestats near zero when all the indicators of inflation were picking up. The european central bank at a slightly negative rate. There debating at the bank of japan. So it's international phenomeno, but central banks due react to each other and think about what's happening. But ultimately, at this point, the fed have kept rates, and still keep still the interest rates near zero.