If we were experiencing inflation there would be a reason for a rate increase(s)... the only real inflation has been due to the price of fuel (which is starting to decline) and if anything IMHO is a reason to keep rates down, not increase them putting further strain on a fuel-driven economy. WHY did the President re-nominate him, anyway. Watching his wife they are no friends of Bush.
Rates are just moving from emergency levels to more normal levels.
The FFR at 2% is still extremely low by historical standards.