The Fed is concerned about possible deflation, but still wants to leave itself room to lower interest rates more. Fair enough. But what does this say about Greenspan's opposition to tax cuts? There are only a couple of tools in the Federal Government's toolbag - interest rates and tax rates. (I know there's spending, but haven't we learned that lesson?) If we're not going to use one, we pretty much have to use the other.

Is there a battle going on over at the Fed, where the majority of the Governors disagree with the Chairman?