Whether the Greece issue or Sovereign Debt in general it appears that they will impact Fed decisions on interest rates. Possibly its just unemployment, but it is clear that rates will remain too low for too long. Yes, unemployment is high and not normally a period when rates would be raised. Unfortunately though, rates remain 1-2% below even a normal low and hence should be increased back up to that level immediately. A basically zero rate shouldn't be allowed to remain this accomondative much longer. The system continues to punish savers and encourage reckless booms and busts.
Interesting comments from Brian Westbury on the Kudlow Report on CNBC regarding the Fed and interest rates. His opinions continue to align close to ours.