It lets the Fed feel more comfortable of raising only at a measured, and not an accelerated, pace,

Moving forward, the Fed will be focused on what they can do to get us out of recession.

The Fed is justified in being aggressive. We're in uncharted waters here.

So why don't we get a 100-point or 200-point day? Because this is a pause, not an end to the Fed tightening.

New Fed chairmen like to come out of the gate looking hawkish as they try to formulate their credibility. Then, they go back to looking more dovish.

In view of the stimulus already out there, I think the Fed will finish out the year by raising rates until the end.

I don't think this report guarantees a pause, but it doesn't stand in the way of a pause if the Fed feels it's something they should look at.

It raises the probability that the Fed will not pause this year. The Fed may play it safe and remain in play in 2006.