Bernanke is being pressured from just about all sides to cut rates.
From Greenspan to Congressmen, he is being pressured to cut rates.
However, it is extremely difficult to put the inflation genie back in the bottle once its out. Money supply figures continue to drift higher, and common inflation figures are still running a bit hot for the Fed to gravitate from its stated position that Headline inflation is its concern.
But then we have the troublesome second edict of the Federal Reserve: (the first being "price stability)
So today's print of 4,000 net jobs added to the economy only fuels the calls for cuts. This is a very difficult exercise in timing, and Bernanke is going to have to commit himself to a position rather than simply say his job is to facilitate price stability AND full employment. This decision has to come soon.