Vasella has been playingthewaitinggame quite a bit--analysts love to speculate that Novartis will buy another drug company, like Roche or maybe Bristol-Myers Squibb (nyse: BMY - news - people ).
While the U.S. data recently have not been grand by any means, it has generally been in line or better than expected and I would think the Fed would still be playing more of a waitinggame than priming any presses at this point.