In the FOMC statement, the Fed may have little choice but to acknowledge Q4 weakness, but will probably maintain that the first half (of 2006) should be better.

There is a greater degree of uncertainty, and stability will need to be restored. So that implies that they'll cut rates if they have to restore that stability.

The weakness of the dollar is having some impact on the market. The weakest sector is the auto sector -- that is an area of the market that has displayed a high degree of sensitivity to currency movements.

It was an inspired choice and an inspiring performance. There doesn't seem to be a weakness in your abilities,

We were very reluctant to make the move, but we had no choice.

The headline (number) was clearly disappointing, but it remains to be seen whether weakness in the Philly Fed will be reflected in the national ISM index and whether this is a temporary phenomenon or a more permanent decline in the business outlook,