It reduces the impact of some of the softer data, but won't be a major factor for the Fed.

We have seen a softer tone in their write-ups. I think there is a real sense that the Fed is going to stay on the sidelines.

The Fed is in data-dependent mode, and we've gotten a string of data that shows a lot of strength.

Outside of NSW spending on major renovations was softer, but not substantially so at the end of 2005.

was not the only factor but it was a major contributory.

The data from Japan was universally softer than expected. It is conspiring to take the yen lower.