A 2004-2006 Fed Funds tightening period could be around the corner should the Fed truly want to curb inflation. The Fed is already late to the inflation game. QE should not exist. The Fed Funds Target Rate range ought to be above 0.00-0.25. Below we have plotted what the next two years could look like in terms of the upper bound on the Fed Funds Target Rate range. A 25 basis point hike each FOMC meeting may sound aggressive (see 2004-2006) given the amount of Public Debt outstanding. However, we are not so sure that such a path (outlined below) is aggressive enough.