Even after adjusting for seasonality, the rate has fallen every month since June of last year.

Greenspan is not going to wake up in June of next year and say 'I should have really raised rates more aggressively.' His legacy of price stability is pretty secure so I don't think the last six months of his tenure will destroy it for him.

I think (Fed Chairman) Alan Greenspan has made it all but official, we'll get another rate cut in June, but my guess is a quarter point rate cut, principally because of what we're seeing on the inflation report. The CPI and PPI have been trending up over the last two years.

My view is the previous months were the aberrant month, and June makes more sense.

Last year, they were taking out limits of trout into June.

I think this puts the odds of a rate increase at their June 29-30 meeting at about 50 percent.