It was a great number, no question about it. The worst-case scenario (now) is that the Fed only goes once. Going into this number, people thought the Fed would have to go three times. Now they can move slowly. |
The market traded off once Greenspan began speaking and said nothing on the economy. |
This is a new paradigm. The fact that we have higher productivity has allowed the U.S. economy to grow more and grow more rapidly without triggering the usual inflation pressures. |