Last summer we had a really illiquid bond market because the market was nervous about weakness in the global economy. These days it's an illiquid market again but the concern is more about the strength of the economy.

I think it was more of an excuse. Weakness in Asia just hurts a strong economy a little bit around the edges.

Greenspan's comments ... [seemed] to suggest that the risks are weighted toward continued weakness in the economy, but these numbers raise questions about that conclusion. Still, I'm not certain the Fed governors would be willing to disagree with their boss.

If one were looking for additional weakness in the economy, it's not going to come from housing. We are seeing the economy generate a fair amount of momentum.

I think it was more of an excuse, ... Weakness in Asia just hurts a strong economy a little bit around the edges.

While earnings are strong and commodity prices are firming, I think if you look at the big picture, there is a tremendous amount of excess capacity overseas and so the pressures are really in the long run for lower rates.