We have done extremely well in the past decade with our capital and will take a somewhat more cautious approach targeting a minimum annual return of 15 percent.

Retailers will be disturbed to see that. Our view is that interest rates will remain steady for the rest of the year and most of 2006.

A recovery of growth to around trend in the first half of 2006 will not threaten interest rates in either direction.

But most people don't believe the bill will past the final two readings.

People are complacent about interest rates now. There is a risk that the emerging strength of the data will result in more intense media coverage of the risk to interest rates.

They found out they can't count on what's happened in the past, ... When you have success, you think it will happen again. It didn't.