We've had the same Fed chairman for so many years that we have a standard. He represents an unknown, to an extent.

A new Fed chairman is an unknown and as such offers nervous investors an excuse to sell.

It is not as if they named a plumber as chairman of the Fed.

The Fed chairman has a lot of latitude to do things the way he wants to. I don't see why he wouldn't carry the day the way he wants to.

The Fed Chairman would be very happy if the bond market did some of the tightening for him. And I think if we saw the long bond yield back above, say, 6.75 percent, edging towards 7 percent, that would limit some of the restraint the Fed would have to impose on the economy.

The Fed Chairman would be very happy if the bond market did some of the tightening for him,