Most of the economies across the globe are doing well.

Inflation remains under control. We're concerned of inflationary pressures developing in the economy, but they're not here now. They may be here a few months down the road, but they're not here yet.

This (next appointment) could be the one who tips the balance. If Bush nominates a strong proponent of inflation targeting, it would be a signal they want (that).

This opens up an opportunity for Bush to put a further stamp on the Fed.

We think the economy is going to stay strong through 2006.

What Greenspan did well is he steered through these crises and came out with minimal damage to the economy. Over an 18-year period, we had just two short recessions and low inflation. That combination says he's done a good job.