Given these cross currents and our belief that competitive pressures will only intensify as we move through calendar 2011, we believe that shares likely remain range-bound until investors regain confidence in the growth and margin trajectory at CSCO.
In other words, if the FOMC announces that it wants the Federal Funds rate to be 4 percent rather than the existing 5 percent, the amount of open market purchases needed to achieve this target is likely a range rather than a point estimate.