That's all got to be cleaned up. The stock market's going to struggle until that happens, and the economy at large will feel like it's moving through molasses, even though it will be moving forward.

The markets are clearly disappointed.

This [report] gives the Fed total latitude to do whatever they think is fitting.

The price we have to pay for all this is someplace. Early in the century, we're going to see a real good old-fashioned panic of the kind we haven't seen in a long time.

The Fed ought to like it [the producer price report], and personally I'm breathing a huge sigh of relief.

This is kind of capping a string of fairly strong numbers, and I'm even going to have to boost my estimate of fourth quarter GDP up closer to 3 percent. We know the Fed is sitting on the edge of its seat. It's going to make everybody a bit nervous.