Consumers are always concerned about the economy but the key is whether they are predisposed to increasing caution when it comes to spending. I think today's report demonstrates that the hurricanes had an ambiguous affect on spending.

In general, the economy is proving to be resilient to energy and gas price pressure. It's on a growth path. Even though oil prices are higher, the fundamentals of the economy are strong. Therefore, we see consumers' savings rate falling and spending up.

These reports are clear evidence that the consumer caution that drove the slowing in the economy in the second half of 2005 is on the wane.

Remember my strong advice, just remember to always think twice.

We have to err on the side of caution. It's different from someone calling in a threat when somebody pulls into the parking lot and says there's a bomb in the car.

They seemed to reassure the market that the economy was OK after the hurricanes, but overall, I don't think there's anything new, and that's why the stock and bond reaction has been muted.