Greenspan's message this week was little changed from last week when he said that the Federal Open Market Committee foresaw another 18 months of moderate economic expansion, with little change in the modest rate of inflation that has existed for the past several years, and the same, low rate of unemployment that has persisted for the past several months.

Evidently the bond market was reassured by the chairman's testimony. The 30-Year T-Bond closed the day with an advance of 15/32. Now all we have to do is find a way to calm down the stock market.

Byline: Lafferty (MF Merlin)