After that, there’s not much positive about the outlook. There are no job gains, and wages aren’t rising at the moment.

It seems to me that he’s keeping the door open for rate cuts. It’s a little more negative on the economy than I expected.

It’s negative for the bond market because you have a stronger (economic) growth rate.

Despite the risks to the economy, such as a potential retrenchment by consumers or the whole question of high debt levels, you seem to have the ingredients for a self-reinforcing recovery.

On the [jobless] claims, you’re now moving into a range that suggests a recession. I don’t even know if many of the airline layoffs have hit this number yet, so it’s going to up big...