Bank lending is up.
Capital spending is up. Some economists say we should look at these numbers instead of any others in figuring out how strong the economy is, and where inflation might be going. The Fed has a tendency to think this way, too, although Greenspan keeps surprising everybody with how modern and with-it he is, recognizing that the information technology revolution is the real thing, for example. Greenspan does not want to end the party if nobody is really drunk and disorderly. The Fed will wait.