Mr. Greenspan clearly wants to leave the door open to lower rates, but he was more explicit this time in his acknowledgement that there are risks on the other side.

Clearly there is nothing here at all to comfort the Fed.

This is a low enough number to be interesting, but not so low that it clearly marks a favorable shift in the trend,

The housing market is clearly on a roll again, despite the -- probably temporary -- dip in confidence.

The impact of the hurricanes is now clearly diminishing,

The chairman's remarks clearly signal rates will rise this month, though we remain of the view that a November hike is not yet a done deal.

Still, this is a hugely encouraging report, pointing clearly to a vigorous recovery.