One of my big hobbyhorses on this blog, at least economically, is the business cycle and the vacation it took in the 90s. In other words, the combination of ridiculously low unemployment and ridiculously low inflation (plus a booming stock market) was an anomaly. Growth, especially with strong employment, tends to be inflationary. So, just as we may be seeing the return of historically normal "full" employment figures, are we going to see the return of inflation?
I'm not certain, but I think I'd stand pat on interest rates right now.