Patrick Toomey actually said...

But before the oil--well, we have not actually had supply disruptions. We have had major political turmoil that gives rise to worries about ...

The Taylor Rule would call for a Fed funds rate of about 1 percent right now.

One of the things that concerns me is that the strategy itself is designed, in part, to raise inflation expectations.

My understanding is that his view of his own rule is that it would call for a higher Fed funds rates than what we have now.