All in all, a much more bond-friendly, stock market-hostile report than expected.

The stock market is going to be like the bond market. It's going to be focused on that Humphrey-Hawkins testimony. I think it's a very nervous market.

The job market was lousy, now it's been upgraded to good,

The job market was lousy, now it's been upgraded to good.

It seems the stock market is more tuned to the bond market now than it has been in the past several months. As soon as we got oriented towards the bond market, all this economic data increased in significance.

It [this report] is less inflationary than what we saw earlier this year. Bottom line, things are definitely slowing down a bit.