Without any question, the Fed is vastly different now in terms of openness and transparency. Greenspan's theme has been the more markets know, the better.
The political side, which people have tried to underestimate, cannot be underestimated in terms of an influence. It's the last major uncertainty that comes into this picture.
Two good things have happened in Japan. We've overcome the uncertainty of who the leader's going to be; and secondly, they are listening to the markets, in terms of permanent tax cuts, in terms of banking reform.
We've had these ups and downs in terms of psychology. Greenspan saw that the global crisis was going to slow U.S. growth.
We've had these ups and downs in terms of psychology,
The bias in terms of the Fed's idea of where they may go next is still in the direction of restraint.