We would have preferred to see more on interest rates. This 'confidence' crisis has been caused by a sense that policy has been frozen by indecision.

What they're likely to do is take away the mild and gradual language from the statement.

The exchange rate is again under the spotlight as a wave of protectionist rhetoric rushed through the U.S. against China's large trade surplus and its undervalued currency.

We believe the noise will remain constant, but the signal/noise ratio is clearly falling, as the macro economy continues to enter a recovery phase.

Arroyo continues to outmaneuver her political opposition. The various opposition factions were unable to gain any momentum.

Arroyo has been good for the economy. There's a bit of, 'What doesn't kill you makes you stronger,' in the Philippines.