The job market was lousy, now it's been upgraded to good,

The job market was lousy, now it's been upgraded to good.

In today's market, everyone is a Fed-watcher. Hopefully we will not lose any transparency and will lose some of the volatility.

All in all, a much more bond-friendly, stock market-hostile report than expected.

We had thought that transparency meant efficiency in the market... and that's not what happened. The meaning of the bias within the Fed was not well understood.

Housing is as strong as ever, and the mortgage business is as good as ever.