And the rate cuts end, finally.

Tuesday June 3: “WASHINGTON — Federal Reserve Chairman Ben Bernanke on Tuesday suggested interest rate policy is on hold, said “relatively weak” U.S. growth may be better in the second half of the year and termed the central bank “attentive” to economic risks posed by the weak dollar.

At an economic conference in Spain, Bernanke called current Fed interest rate policy “well positioned to promote moderate growth and price stability over time.”

What does this mean?

His words strongly suggest that the central bank is getting more worried about inflation.  They appear more concerned about the weakening of the dollar and rising costs.  As of now, I think the Fed thinks the economy has survived the credit mess, the spike in oil prices, and although weak and feeling wobbly, has not broken.

As a consumer though, I don’t know how much more I can take.  $4.00 gas is not a happy thought.  It has changed my driving habits.  My grocery bill is my next challenge.  With a family of 4 kids, I can’t believe how much per week I a paying just for the essentials.  Forget about that Sunday cookout of shrimp and some steaks.  It’s burgers and hot dogs for us.