We are definitely getting another rate cut.

What the current deficit does is make the dollar vulnerable. It means we could see a vicious cycle, where a declining dollar makes U.S. assets less attractive to foreign investors, which weakens our assets further, which puts further pressure on the dollar.

Given that the economic data will be strong, people will wonder why the Fed is not moving, which could cause some volatility in the markets. But we think the Fed will remain on hold for quite some time.

The global perception is the U.S. has the most to lose if there's a war in Iraq. That's made the rest of the world averse to U.S. assets. Foreign investors are looking home again.

We are seeing pretty solid export growth. You are starting to see the U.S. benefit from faster growth in Asia and the rest of the world.

People choose to consume based on expected earnings. The unemployment data should take some of the froth off of a couple of really strong [recent] data reports.

We're seeing Japan aggressively acting to keep the yen steady against the dollar and stop the process of broad dollar weakness from turning into broad yen strength.

This is not a 'ripping off the Band-Aid' kind of situation, where you know how much the pain will be and that you'll be fine afterwards. We don't know how well the economy has healed. The Fed remains very concerned ... that they might overshoot and give the economy such a shock they'll have to cut rates again.

If we get a downside surprise in retail sales, everybody will shrug it off. We all know that April was a bad month for the economy; the markets are really geared toward May.