1/31/2008 First monthly drop below regression line of Y/Y Core PCE since August 2006. Points to continued slowdown in US personal consumption.

1/30/2008 The four pillars of growth add up to another increase - the third in as many quarters. Residential Investment was the only pillar to fall in the last quater. The other three (Personal Consumption, Fixed Business Investment and Exports) were all up. This same pattern is true for all of 2007.

1/26/2008 There is no significant correlation betweenEUR/USD vs DAX but note the wide divergence that has occurred over the last several weeks.