Greenspan gave no hint of an end to tightening.

At best, it's going to eat into their own sales. People are going out later, and you don't tend to drink Guinness late at night. It's hard to imagine something so similar to Guinness changing that.

I don't think housing is shooting up anymore, but nor is it plunging.

I don't think either of them tell the real story.

This has important implications for overall growth.

It's not 100 percent clear where housing really is, ... But the weight of the evidence is that it's not as strong as this number on new home sales implies.

Inevitably, we'll get some pass-through.

The store data looks pretty strong.

It's certainly consistent with the idea that the upturn has ended.