Here's what worries the Fed (and me!): The unemployment rate is slowly drifting up. This is a clear sign of an unhealthy economy. And it's happening slowly enough that it hasn't attracted many headlines. But it really matters.

This is not a surprise to anyone who was closely following this case. It *ought* to be, however, a moment to reflect upon the responsibility (or not) of media outlets that, deliberately or not, led folks to believe that a grant was a serious possibility (which it never was).