If the dual mandate is stable prices and unemployment, seems like unemployment at 4.3% isn’t terrible, and the Fed should focus on the inflation rate (3%). 

So the stock market is just off its historic high around 5,500 on the S&P.  Unemployment at 4.3% is hovering well below its long term average of 5.7%.  GDP growth is doing well at 2.8% YoY.  We’ve had a 15 year bull run.  Even though the 12 month inflation rate has come down to about 3%, high prices still abound.  And the housing market is still tight.  Mortgage rates at about 7% are reasonable. 

Do we really want to re-ignite the housing frenzy? The Fed should stay put on rates.