The Fed certainly recognizes the importance that the markets are placing on the housing market and could well use it as a means of sending strong signals.

His testimony is apt to be consistent with the notion that the Fed is still in a tightening mode and inflation is rearing its head,

Like the Great Tulip Mania in Holland in the 1600's and the dot.com mania of early 2000, markets have repeatedly disconnected from reality,

Parry's comments hint that the Fed still views the neutral level of the federal-funds rate to be approximately two percentage points above the inflation rate,

Greenspan's comments have been so specific to the markets and costs, ... The price index was worse than the market would have liked.

Greenspan's comments have been so specific to the markets and costs. The price index was worse than the market would have liked.