What will frame investor decision-making in August is going to be totally Fed-driven. We've gotten the anecdotal comments from Mr. Greenspan that we can achieve a slower growth landing but we now have to see that anecdotal evidence turn into fact.
There was nothing Greenspan said that was harsh and sometimes no news is good news,
The markets are really going to be determined by what the Fed has to say. We'll be looking for more definitive talk from the Federal government and (Alan) Greenspan to get some indication of what the Fed is really thinking.
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.