A number of readers have commented on my most recent yearend commentary. In it, I argued that regardless of what additional policy moves may be made, next year’s economic performance is largely baked in the cake. Furthermore, because of the lags in policy, we would be well into next year and the start of election season before we can begin to assess the impacts of the passage of the tax bill and the Fed’s QE2. Consequently, public focus will be dominated by continuing uncertainties and by concerns about employment, neither of which can be materially affected by additional policy moves in the short run.