So new order of business:
1) Increase the interest rate by 0.75% to 5%
2) Raise the required reserve rate by 1%.
3) HAve the Reserve sell $400 Million in bonds and securities.
4) Purchase one more ton of gold.
I understand that these may be considered harsh measures, but I must protect the economy against the inflationary pressure that will come when the senate passes the new minimum wage.
I don't think the minimum wage will increase inflationary pressures, but I agree with you on raising the interest rate to cool off the housing market.