The bottom line is the consumer is showing signs of coming back. But the consumer has come back partly on the heels of massive sales.

We've actually begun to edge up on the four-week moving average ... from [about] 380,000 to [about] 420,000, which brings into question the future sustainability of spending, particularly in the retail sector.

We are starting to see a bottom in this economy.

More sluggish economic growth combined with success in reducing inflation provides a potent mix for the authorities to cut rates.

With that expansion is coming quite a large demand for U.S. products. Given Latin America's comparative advantage and demand we could easily see Latin America become a much more important trading partner with the United States.