"Preston Martin" was an American banker and public official best known as the Vice Chairman of the Federal Reserve Board between 1982 and 1986.

More Preston Martin on Wikipedia.

He is warning the markets that the Federal Open Market Committee will very likely continue to raise short-term interest rates, given the continued growth in the economy.

There have been prior indicators that point in the same direction. The leading indicators have been almost uniformly pointing toward more employment costs, which is very important to [Fed Chairman] Alan Greenspan.

It is certainly possible that the Fed could cut rates further, and it is very probable that the Fed will continue to pump liquidity into the markets.

Never seen a Treasury secretary that has worked so well.

It's Christmas in May for traders. This was the wrong decision, and we're all going to pay the price for it.