It's not a close call. If the Fed "skips" policy tightening at the June 14th FOMC meeting, it will be yet another big policy mistake. The long string of errors has greatly damaged the Federal Reserve's inflation-fighting credibility. It has also promoted a dangerously dysfunctional market structure. At this point, the Fed should err on the side of demonstrating resolve in reining in inflationary excesses. The Fed currently faces two major inflationary issues. Consumer price inflation remains highly elevated, with little to indicate that price gains will recede to the Fed's 2% target anytime soon.