Economic reports this week confirmed that business activity has moderated. Unfortunately, for the bond and stock markets, the slowdown is not fast enough to justify an imminent reduction in the federal funds rate target by the Federal Reserve. Alan Greenspan's testimony before Congress this week was relatively bland and not all that different from what he said a few weeks ago. Wayne Angell riled the markets by predicting with 80 percent certainty that the Fed would reduce rates early in the week, only serving to create wild swings in the stock market. Market players are now going to focus on the coming week's events. The employment situation for February will be a major source of attention, along with the Fed's Beige Book.