In a very general sense, the economic news was decent, especially the August data. Of course, today’s ISM Mfg. Index is more important, but August seems to be holding at a pace of slow growth. The big positive was that the Expectations component of the August Consumer Confidence Index rose to 72.5 from 67.5. The problem is that the market still faces several crosscurrents. It was the last day of the month, and a very bad month at that. From high to low, the S & P lost almost 9%. We’re entering what historically is the “worst month” of the year, although we’ve probably discounted most of that fear already. We’ve got several significant pieces of data, today’s ISM and ADP reports, and then ending the week with the August Employment numbers. The FOMC minutes may have been the catalyst for the afternoon weakness, but I think there is a bigger issue for investors. We all say we want “transparency” by the Fed, but in times of uncertainty, knowing what goes on behind closed doors doesn’t allow the FOMC members to enter into a frank discussion of differing opinions. When they do express their opinions, as they did at this last meeting, you walk away with a sense that the Fed isn’t sure what to do or how to do it. That “uncertainty” is not helpful. The statement alone, with one dissenting vote, would have been fine. However, knowing the FOMC was far more divided undermines confidence. It’s not like you can put 12 economists in a room and get them to agree. They are better off behind closed doors.