There is still a good chance for an August hike, but we are leaning increasingly to September or even November.

We think Mr. Greenspan is willing to give the data a chance; it will take bad data to force an August rate hike,

Another 25 basis point palliative ease in August seems a good bet. But the big easing story is over.

It seems likely that these numbers will be seen as significantly increasing the chance of an August rate hike.