I think their general view will be more upbeat, but it remains to be seen how upbeat, because they don't want to cannibalize their main message, which is that policy will remain accommodative for a considerable period,
Looking out even further toward the end of the year, investors might grow optimistic about the end-of-year economic situation, as 2004's strong job growth could be seen as raising the prospects for holiday spending, hence giving the economy momentum as it enters 2005,
We haven't seen big gains in jobs yet, so Greenspan can't be completely confident this expansion will be self-reinforcing, ... But I believe a blowout employment report is on the near-term horizon, and that will set the conditions for a change in interest rates.
There is a certain skepticism with regard to the rallies that we have seen in the stock market. We have yet to see the worst of the economic news.
The numbers today allay any concern that the Fed may adopt a more aggressive stance on interest rates. The employment gains we've seen of late remain modest by historical standards.
The economy is less interest-rate sensitive than it was a year ago because of income growth, and we have corporate profits higher than capital spending -- a condition only seen rarely in the past 40 years -- meaning companies don't need to borrow as much,