Moly, for better or worse the instrument for monetary policy is the same the world over. Glenn doesnt give a rats about individual investors or individual asset classes, his mandate is the highest level of sustainable growth in real GDP whilst maintaining price stability. Also remember that he is just following rules for monetary policy objectives as set down by our democratically elected governments (keating and howard governments negotiated the current inflation target). The only discretion he has is in the use of the instrument itself, and it seems he is right on the money, because other central banks around the world are tipped to start raising rates too.
