Wall Street rallied Monday as oil prices, supported by a stronger dollar, fell back and alleviated some of investors’ concerns about accelerating inflation. The Dow Jones industrials gained 130 points.

The market is expecting the Fed to cut its key interest rate by a quarter-percentage point next week and then signal that it is finished cutting rates for the time being. However, I think the best action would be to leave the interest rate unchanged. This would help deter some of the rampant speculation that has been driving commodities to record levels.