Clearly, the Fed is in the midst of a series of easing steps and is prepared to ease further if necessary to counter unstable financial market conditions or slower growth.

Looking forward, downside risks remain, and there is clearly no bar on further easing,

The (Fed) may slow the pace of easing but they cannot stop yet.

Chairman Greenspan's comments went further than previous Fed commentary on recognizing the degree of slowing in the economy and clearly pave the way for the Fed to switch to a neutral directive. Moreover, his comments further encourage us in our belief that the Fed will lower rates in the first quarter of next year.

It is understandable that a new Fed chairman would want to prove his inflation-fighting mettle right away, but I think there is a danger that housing is more vulnerable than people realize.

On the Israeli side, you're familiar with our message to them, and that is that they take steps to ease the daily plight of the Palestinian people as well as to, again, take into account the effect of their actions upon what all share as the ultimate goal of bringing peace and stability to the region.