Net-net, the commentary was positive - I liked the productivity understanding.
Greenspan's commentary sure indicated there is more than one interest-rate hike to come, and that's not what the market wanted to hear.
With an expected quarter percent rise, the commentary seems a little more hawkish than expected.
This is a market that is assuming everything is going to get better. There's been too much commentary by the chairmen of these companies that these problems are inventory but everything is based on a turn of the economy ? that's what the Fed is there for.
It's not the quarter-percentage point increase that is worrying people. We are all waiting to see if the commentary will point to one, two or more interest-rate increases.
The market has quickly forgotten yesterday's good commentary from Mr. Greenspan and has focused on a quality-of-earnings issue. It's almost like investors are looking for a reason to sell.