The Fed is likely to continue to raise rates for much of the year 2005.

My suspicion is the value of the dollar has to continue to weaken. Until we see further reduction in the value of the dollar, we won't be turning the ship around.

We will continue on this jobless path, where we're not creating enough jobs to make a real difference to the economy, for at least another six to nine months.

This report supports Greenspan's rosy economic view that the economy is likely to continue to grow unabated this quarter thereby justifying continued increases in short-term rates.