So exports actually contributed to net GDP growth in November.

Aside from a few small snippets, Mr. Dodge could have transmitted exactly the same message by stating that 'nothing of substance has changed since the (Monetary Policy Report) Update', and leaving it at that.

This basically confirms their story, so steady as she goes on that front.

This is really a tale of two job markets.

They said nothing's changed in their view of the economy so markets focused on the word 'modest' to mean they'll be less aggressive.

The market is starting to price out some of the rate increases that have been priced in.