The Fed cuts rates because they're worried about the economy, ... They're not as worried because they only cut rates by 25 basis points, so things are getting better and there's stabilization.

I think 50 basis points (one-half percentage point) is a credible consensus estimate for what the Fed does (at its March 20 meeting). Unfortunately, over the last five or six tumultuous trading days, we've talked ourselves into the fact that the Fed cares about equity valuations, but that's not the case.

If the high levels of employment aren't kept up with the high levels of productivity gains that we have been making, (the Fed) will probably need to do something pro-active and that would probably mean 25 basis points now and then something in the first quarter of next year.

I think the Fed's going to lower by 25 basis points and I think the trend is going to show stabilization and a pick-up in growth. The current data is not going to look terrific but there will be signs of stabilization.

There were no surprises and we had already priced in a 50 basis point (half a percentage point) move, ... We didn't exactly turn on the floodgates but we went from anemic volume to trending higher.