The Bank of Japan has effectively crowded out 'crowding out,'

The data should tend to encourage views that the Fed is correct and that inflation looks to be contained.

The data will certainly encourage views of a truncated Fed tightening cycle.

The problem with inflation targeting is that it carries with it a risk of less flexibility at times, and that could be problematical. But it also makes policy less of a black box, so policy is likely to be more transparent.

For the Fed, I don't think it changes much. It's not weak enough that it would change their measured tightening path.

It is not a big surprise, some of it is kind of a backlash to this saw-tooth pattern that we have seen in durable goods in the past -- July was weak and August was very strong and now September is relatively weak.