The big question now is how much companies will be able to raise prices for finished products to offset the hit to profits from higher unit labor costs.

The Fed comments were fairly unsurprising. They indicated that there is more tightening ahead, and that the pace will be determined by upcoming data.

Refinery shutdowns will have a big impact on gasoline prices, ... and that's a tax on consumers.

It was 25 basis points, everyone knew that, and so there's virtually no stock market reaction,

It's mighty difficult the closer you get to the consumer to raise prices, and that remains the case. There is a big debate out there as to how long can this continue.

Housing has peaked and we're expecting some moderate weakening in 2006.