Go back to sleep, Alan. "The Fed watch is over for the year again," says TIME Wall Street columnist Daniel Kadlec after one more economic indicator delivered good news about inflation. The "core rate" of producer prices (excluding volatile food and energy prices) dropped by 0.1 percent during August, setting off a mini-rally on Wall Street that nudged the NASDAQ into record territory at 2,866.91. "Thats a vote of confidence that interest rates wont get out of control, because if they did, the debt-heavy tech stocks would be hit the hardest," says Kadlec. "The market may be finally realizing that one more hike, even if it comes, wouldnt be the end of the world." And that the Fed watch isnt for investors anymore just traders looking to score a quick buck before lunch.

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"Fed-watching is a traders game," says Kadlec. "The overall picture hasnt changed in almost a decade: slow growth, low inflation and steady earnings. Its nirvana, and its not showing any signs of changing anytime soon." But as the longest peacetime expansion in history draws nearer to becoming the longest expansion ever, its only natural that Street walkers should get a little edgy about when it all might end. Hence the inflated worries about the Mind of Greenspan, and the inflated relief when a scrap of good news comes over the wires. Thats OK by investors as long as it leads to inflated portfolios.