A flattening yield curve typically is indicative of the bond market's view that the Fed as being less accommodative,

Markets can be myopic and unless it's happening here it's like it doesn't matter.

If companies' cost of funding go higher, and they start to cut jobs and close plants, is that really good for the economy?

[People aren't thinking about] a suicide bomber in a mall, what that does to retail sales, ... People don't think of (terrorists) as a worldwide contagion.

It appears it has the weight of official notification, which in fact it doesn't. It's really a disservice to folks. They were reasonably upset when they thought their property was in jeopardy.

We've seen this before. I know (Nelson) had recognized it, didn't appreciate it and went into action accordingly. And we will be looking out for that in the coming year.