The reality is that the economy is in great shape. It's created lots of good jobs?not bad jobs. We haven't created a whole bunch of hamburger flipping jobs.

We have two surprises in our economy: better-than-expected growth and lower-than-expected inflation, and the growth is based on productivity, ... People are working harder. They're generating more products efficiently at lower prices.

Those jobs look fairly good going into 2006. We won't see a lot of hiring there, but the economy looks strong enough to maintain level of employment we have.

That could be bullish for the stock market if the household sector concludes that real estate is not the place for speculative gains any more.

Now, I think you have to add an entire percentage point

I'm actually very pleased to see they decided not to raise rates because it's really not justified by the performance of this economy,