Generally, in a (review), the numbers aren't as important as the substantive issues. It's very hard to utilize if it's not substantive. We look very hard at things that come in from other agencies, like the Corps (U.S. Army Corps of Engineers) and the EPA.

Generally when there's a lot of smoke. . . there's just a whole lot more smoke.

a substantive dialogue which lays the foundation for a forward momentum on all those issues.

This number is very startling. It is the preliminary, so it is subject to fairly substantive revision. These numbers may translate into earnings risk, but may also dissuade an aggressive Federal Reserve. The chain deflator was higher than expected, which may take the steam out of our rally. This may dampen enthusiasm, but not kill it.

This number is very startling. It is preliminary, so it is subject to fairly substantive revision. These numbers may translate into earnings risk, but may also dissuade an aggressive Federal Reserve.

We'll begin reviewing them immediately. It's hard to say how long that review will take, because we don't know what's coming at us. We don't know how many documents, how detailed they'll be, what questions might arise.