The market thinks the U.S. economy will be stronger than they thought a few months ago. That's been the big surprise.

If U.S. bonds seem rich to global (mainly Asian) investors in currency terms as the dollar appreciates, they will take profits on the appreciated assets.

This is drumming up fears that the damage to the economy from Hurricane Katrina will be exacerbated by Rita. Before concerns over Rita, the short-term fundamentals were positive for the dollar.

I think it's a general malaise and it's affecting all parts of the (Michigan) economy. Tourism will be affected; I think people are being hit and in winter, they will be hit more than their paychecks have grown. I see nothing that will help this economy, short of big tax cuts.

I think the economy will surprise us on the upside because of what the Fed has done.

The economy is growing at a reduced but healthier pace. We don't anticipate any inflation problems, and corporate earnings are going up, up and away. So, yes, we're still bullish.