We read any change in language as more likely to generate a slower pace of tightening than a speeding up in tightening to 50-basis-point increments.

I don't think per se jettisoning Snow would be seen as dollar negative. The mere fact that we've got a change of guard isn't necessarily dollar negative. These things happen. Presidents do change personnel.

There's a sense that the world is changing, no question. But it's the size of the change that matters.

For the Fed, I don't think it changes much. It's not weak enough that it would change their measured tightening path.