I read her as leaning heavily towards a wait and see, no cut at all... that conditions do not currently warrant any cut based on the limited impact of one reading. I think the Fed is seeing inflationary effects globally (China now up to 6.5%) and Europe up also, and wants to see hard negative downturn numbers in employment and a spending here for 2 - 3 months before acting. She commented he housing impact and subprime impact are minor to the overall economy which has been slowing but still OK?
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