•  NOTES FIRMNESS IN BUSINESS INVESTMENT
•  DON'T UNDERESTIMATE IMPACT OF RATE CUTS
•  DON'T UNDERESTIMATE CONSUMER RESILIENCE
•  ECONOMY GROWING AT A TEPID PACE
•  INFLATION EXPECTATIONS NOT ADRIFT
•  SHOULD FORCEFULLY LIMIT INFLATION EXPECTATIONS
• ODDS OF A SEVERE DOWNTURN HAS LESSENED

Answers to Q and A session:

•  FED TO FOCUS ON U.S. INFLATION, NOT ON DOLLAR
•  ECONOMIC RISKS HAVE DEFINITELY SHIFTED
•  FED HAS WAITED TOO LONG IN THE PAST TO TAKE BACK MONETARY EASINGS
•  FX INTERVENTION BY CENTRAL BANKS A MISTAKE
•  TIMING OF INTEREST RATE CHANGES IS DIFFICULT

In other news, the NAHB has indicated that the release will come out between 1:00 pm and 2:00 PM