The Fed is in a difficult position given the hurricane. The Fed is kind of flying blind.

One of the main drivers right now for the market is this worry about interest rates.

The jobs numbers are going to be meaningless for the next few months. You'll have Katrina as a big asterisk. So the Fed will be flying blind a little bit.

The jobs numbers are going to be meaningless for the next few months. You'll have Katrina as a big asterisk, ... So the Fed will be flying blind a little bit.

They can leave out the sentence about accommodation and say that future actions will be based on incoming data.

The Fed is still looking at inflation. Katrina is certainly going to have some negative impact on the economy but longer-term Katrina will be a positive as we rebuild the Gulf area.