These are horrendous numbers that put the equation in stark relief for the Fed. They have to cut rates by 25 basis points [one-quarter percentage point] in October, and the debate could swing to a 50 basis point cut.

These numbers give the Fed license to cut rates as much as necessary.

The numbers are consistent with the view that the Fed raises rates again next week.

There's still a threat that the ECB could cut rates that undermines the euro. The fundamentals in the U.S. have deteriorated -- that undermines the dollar. So, it's trapped for the moment in a range,

They are simply an insignificant part of the equation. The numbers are really low.

We got a green light last month when the Fed decided not to raise rates, then we got another green light when the bond market rallied last Friday, ... The balloon is still blowing up. I'm staying defensive. I still say the bubble is going to break. I just don't know when.