There is a lot of speculation out there about what prompted the move. Some have said there may be another hedge fund blow-up out there.
The sentiment we have seen with the stock market correction -- I think it is something the Fed is worried about.
The whole debate about whether deflation is a risk has come full circle.
The thing yesterday for the first time in a long time was reduced risk-aversion...it was the reverse of the flight-to-quality.
Nearly unanimous. Nobody expects the Federal Reserve to move today.
There's no sign whatsoever that strong (economic) growth is leading to higher inflation. The Fed is not going to upset the apple cart.
The U.S. economy is quite strong right now; however, globally there are still a good number of risks which exist.
The Treasury is issuing $37 billion worth of additional supply and that's leading to some indigestion in the markets as well.
His testimony today is so important because the markets, in the wake of his comments suggesting the Fed has shifted have gone so far as to price in an ease.
I'm watching it. I'm reserving judgment, but I do think it's a cautionary flag.