The negative impact associated with the energy shock will be more evident in the fourth quarter even though it hit in September.

The economy has shown tremendous resilience in the face of energy prices so far. But this latest spike will have a noticeable effect in the next couple of months.

This is great news on the inflation front. It will be very difficult for the economy to generate any sustained rise in core inflation with unit labor costs showing such a high degree of restraint.

I think it will cause people to continue to turn down their thermostats, check with our energy advisers and try to figure out how to use less kilowatts.

While the dissent came as a surprise, we certainly wouldn't read it as evidence of any sort of a significant split on the FOMC.

Even though the pace of starts may continue to edge lower on an underlying basis, we look for about a 6% gain in January.