My concern is that what's happened here is that inflation is higher than the Fed anticipated. On top of that, the kind of tightening already imposed by the markets, in terms of lower equities and higher bond yields, is setting up weaker growth in 2005.
We're trying to feel out where's the peak in the Fed funds rate. The data has tended to work in the direction of a weaker dollar.
It was slightly weaker than expectations, but manufacturing is still healthy. It confirms that the economy is still ticking along.