Still Removing Accommodation at a Measured Pace
"Accommodation" is a cool word, because it contains almost the entirety of the cooler word "commode," a very genteel word indeed, one often used in the phrase "commode-huggin' drunk" by my friend Cliff.
The FOMC voted again today to continue removing accommodation at a measured pace, which is to say they raised their Fed Funds rate target and discount rate yet again, by the quarter point everyone is now so accustomed to. 
Most futures market money is now betting that the FOMC will do the same thing at its final two meetings with Greenspan as its droning chair.
Reuters took a picture for us. US Stock and bond markets seemed quite blase about everything, though longer interest rates did edge up just a bit. Banks began to move the Prime Rate to 7%, so pay those darned credit cards off.
As I mentioned so early this morning that it now seems like hours ago, the Institute for Supply Management's manufacturing index remained much stronger than had been expected during October. It was later reported that US construction spending hit another new record today. You can read about it all right here.
Meanwhile outside the Senate chambers, Lying Bill Frist became Crying Bill Frist, throwing a very public hissy fit that still has them howling in Peoria, not to mention Dubuque.