Unless the Bush administration can successfully counter recent criticism, Bush and consumer confidence might continue to flounder. If so, the markets will justifiably worry about Bush's chances of re-election.
Foreigners are going to be selling stocks because of the Clinton matter, ... unless there is a flare that hits the dollar.
The Fed needs to align itself with the inflation expectations of the market, unless it has a strong -- and hopefully accurate -- view about how the inflation trend is evolving.