It’s hard to picture a smoother transition really.

We certainly don’t want the thing that goes down, disappears and then goes back up because, first of all, there is a huge amount of uncertainty around that.

It’s not really a surprise. It just tells you they’ve dug a lot of holes. I think it’s mainly a weather distortion, and we’ll see a big payback.

It looks to us like after a slowdown in the fourth quarter, spending is picking up in the first.

The market moved up rapidly, and it needed a pause.

He does speak more like a professor. He’s a straight shooter.

The market thinks, and I think, that the hikes are almost over … one or two more moves, what’s the big deal?

Because the event happened, people will tend to attribute the slump it to Greenspan, but the market had a bearish bias as it was and we’re the middle of a big refunding week.

The data reinforced the view that the Fed may not have to tighten much more and relieves anxiety about inflation.

When I hear (about a housing bubble) I get the sense that people aren’t connecting the dots.

If rates rise it’s because the economy is getting better.

There’s a 50-50 chance that they pause. I think the economy was already in the process of slowing and the dislocations to the energy sector will be fairly significant. There’s reason to be cautious and...

I think we are looking for a pretty good prospect for a rebound next year.

You get the impression we’re pretty sanguine about the broad economic outlook.

We’ve come so far. Holding onto gains from yesterday’s rally is impressive.