When the Fed meets, they won't have much data available other than energy indicators to get a decision,

Inflation remains under control. We're concerned of inflationary pressures developing in the economy, but they're not here now. They may be here a few months down the road, but they're not here yet.

This (next appointment) could be the one who tips the balance. If Bush nominates a strong proponent of inflation targeting, it would be a signal they want (that).

This opens up an opportunity for Bush to put a further stamp on the Fed.

Most of the economies across the globe are doing well.

We think the economy is going to stay strong through 2006.