Our official forecast is they'll cut them(rates) twice. They'll cut them in the first quarter, they'll cut them in the second quarter.

The first-quarter forecast is for earnings to grow 10.5 percent, although that estimate may drift lower.

It gives the Federal Reserve more leeway to cut rates. But I don't believe that a BOJ rate cut means that a Fed rate cut impends.

It gives the Federal Reserve more leeway to cut rates, ... But I don't believe that a BOJ rate cut means that a Fed rate cut impends.

With demand still weak, there's room to cut rates in the first half of next year. That'll keep yields around 4 percent for 10-year gilts.

He who strikes first, strikes twice.