We're in for another year of slow movement [in the stock market]. It increasingly will have an upward bias, but it won't go through the roof.

The stock market reaction, if they cut a quarter point, probably will be as much a yawn as anything else. If the Fed would go for half a point, which is within the realm of possibility, I think it would get a positive reaction.

This will have a bigger impact on the world's economy and a smaller impact on the financial system,

there's nothing here that really points to any near-term inflationary dangers.

The problem is that instead of having one way to calculate corporate earnings that everybody understands, we have two or three methods. And the one that most people use, there is virtually no agreement at all about what it means.

As long as Alan Greenspan's not frowning, I'm not too worried.