A strong dollar takes away companies' pricing power because imported goods come in a lot cheaper, and it impacts earnings because they can't raise prices.
We just don't see the wage pressures and I think the bond market is so happy because that means there really isn't any threat of inflation out there. Remember all those terrible surprises we used to get on Fridays? It's about time the bond market got a good one.
I think they'll cut a quarter point, like everybody else in the market. The markets have gotten a pretty good read on what's going on, and I take my cue from them.
The rest of the world is not in good shape and exporting to them is a tough slog.
The price we have to pay for all this is someplace. Early in the century, we're going to see a real good old-fashioned panic of the kind we haven't seen in a long time.