We have seen a softer tone in their write-ups. I think there is a real sense that the Fed is going to stay on the sidelines.

What can the Fed do about WorldCom? This is not an interest rate problem. This is not something they should be involved with, ... I'm sorry, Wall Street, but you can't look to the Fed to save you when they don't have the tools to save you on this one.

What the Fed told us today is, we don't think we are done yet and we are not sure when we will be done.

It's about the Fed being more communicative with the markets, ... won't just be walking into Greenspan's shoes.

It's my guess the Fed will probably move to the sidelines until at least November,