Greenspan is not a guy likely to brag much, but he'll indicate the economy is still in good condition, that much of the recent bubbling up in inflation is likely to prove transitory, and that fundamentals of the economy are still quite strong despite some of the recent data.
The apparent bubbling up of inflation we saw earlier in the year has quieted down again. Basically it's a picture of inflation staying reasonably tranquil. The Fed should like that.