Greenspan's comments have been so specific to the markets and costs, ... The price index was worse than the market would have liked.

Greenspan's comments have been so specific to the markets and costs. The price index was worse than the market would have liked.

'Watch for [Fed members'] comments this week; they'll say, 'It's just one month,' ... They tend to look at the cumulative evidence on certain issues before passing any meaningful judgment with policy significance. They need much more than this.

The Chinese devaluation would be devastating to the equity markets, and it would be good for bonds, ... But that is not a credible fear right now. The inflation that would come from devaluation would cause social instability.

And if not for the gyrations in the equity market, it would have been a lot thinner.

The Fed certainly recognizes the importance that the markets are placing on the housing market and could well use it as a means of sending strong signals.