For now, the 8-1 vote will provide ammunition to the doves that expect the next move to be a cut.
It's a healthy increase. It shows the retail sector is not on the brink of falling off a cliff. I still firmly believe the next move in interest rates is more likely to be up than down.
With growth back to trend, housing market indicators trending higher and consumer spending substantially improved from the mid-2005 weak spot we continue to believe the next move in rates is up not down.