The labor market has not accelerated to the extent one might expect, judging from past cycles, and we probably won't see evidence of it again in the December numbers.

Two hands upon the breast, and labor is past

I would say that the reports we've had on the labor market over the past three months are more than enough to convince us that the recovery in the labor market is truly in place,

[Economist Alan Ruskin of I.D.E.A. was one of several Greenspan watchers who said the Fed chairman's remarks were warranted.] (His words) are extremely cautionary, ... They are quite clearly roiling the financial markets. I'm increasingly amused at the tenor of these remarks -- how clear-cut they are.

There should be no doubt that instability in the region should have a profound impact on the long-term risk assessment globally.

My concern is that what's happened here is that inflation is higher than the Fed anticipated. On top of that, the kind of tightening already imposed by the markets, in terms of lower equities and higher bond yields, is setting up weaker growth in 2005.