The surprise might be an additional move toward hinting that the process of gradual rate hikes is not infinite.

If you look not just at the headline rate but also at the underlying rates, you are seeing a gradual climb away from zero and that has to be seen positively.

It's not really a surprise.

There is a gradual move away from concentration, but the numbers still are really small. The ebullience that many companies had 12 months ago has been disabused by now. Advertisers have found that branding plays a role and coming up with a business model in this new world is not a slam dunk.

You got a favorable surprise on the CPI. We had the first decline in the core rate in 21 years. It just reminds the Fed, which said last week that the risks of inflation and deflation were almost equally balanced, that you still have some very residual deflation risk. And it ... supports the notion that the Fed might not have to raise interest rates at all next year.

You got a favorable surprise on the CPI. We had the first decline in the core rate in 21 years, ... It just reminds the Fed, which said last week that the risks of inflation and deflation were almost equally balanced, that you still have some very residual deflation risk. And it ... supports the notion that the Fed might not have to raise interest rates at all next year.