We've come so far. Holding onto gains from yesterday's rally is impressive.
It's not really a surprise. It just tells you they've dug a lot of holes. I think it's mainly a weather distortion, and we'll see a big payback.
Because the event happened, people will tend to attribute the slump it to Greenspan, but the market had a bearish bias as it was and we're the middle of a big refunding week.
It's hard to picture a smoother transition really.
The data reinforced the view that the Fed may not have to tighten much more and relieves anxiety about inflation.