David “Get Out of” Dodge may believe that interest rates have been too low for long, but he has absolutely no intellectual framework related to the current inflation targeting regime that allows him to justify raising rates. Talk about lowering the target rate of inflation below two percent and he is opposed. Talk about having a net acquisitions (NA) approach being used to measure owner-occupied housing (OOH) in the target inflation indicator and he is again opposed. The low interest rates tend to create asset bubbles, especially housing bubbles, and an index properly sensitive to housing prices would tend to encourage higher rates as housing prices moved up.