We had expected an upward revision in the second-quarter G.D.P. estimate on the basis of other recently released data, ... but trade kind of goes in the opposite direction.

The data suggest the pace of unemployment's rise is lessening. They don't tell you you'll get a turnaround, but they're encouraging.

If under these circumstances the F.O.M.C. is prepared to keep going, then this means that the committee is more worried about the longer-term risk of higher inflation than the shorter-term risk of a collapse in growth.

In our view, the financial markets are much too complacent about what a decision to keep tightening means at this juncture.

Is the market concerned about it? Yes. Is it a significant concern? I doubt it.

It would be minimal,