The Fed acted according to script yesterday but the market did not cooperate. After an initial surge stock prices retreated to end the day on the downside. Apparently, some traders believed that the prospect of no more immediate interest rate decreases was a bad thing and used the excuse to take profits after a couple of weeks of positive action. For my part, yesterday just could have been the pause that refreshes. I believe that the defense of the dollar and tempering inflation is now more important than lowering interest rates any further. The Fed has done a great job this year and has set the table for an economic rebound in the second half of 2008. Accordingly, I remain bullish for the short-term.