We started the session with this tremendously upbeat commentary in the press and a clear mind-set on Wall Street for the economy to improve in 2003. Lo and behold, the first significant statistic of the year underscores that point of view, so we're off to the races.

What's going on in the Middle East is resonating more with investors now than it was a week ago, ... It's become very clear that the environment in the Middle East is (more) unsettled and that's introducing a new level of uncertainty.

It's very clear that September was a month of continued vigor for the economy. But consumption wasn't as vibrant as in July and August.

It's clear that, even though the economy is growing fairly rapidly ... it's not generating any price pressures. This may permit interest rates to edge lower.