His comments, like those of other analysts, reflected caution about an economic recovery.

The Central Bank of Australia left official interest rates unchanged at 4.75 percent in a decision reflecting caution about global economic prospects.

But the market normally will discount an offer like that by 6 percent to 8 percent, reflecting caution.

The recent slide in stock prices seems to reflect caution, not widespread dumping, but it has come with greater volatility.

Such cutbacks reflect corporate caution about the strength of the recovery.

But stock fund sales have weakened this month, reflecting growing caution among investors.

This cool response almost certainly reflects legal caution, but also a bland faith in the regulatory system.

Analysts said the strong interest reflected general caution among investors as well as the usual demand at the end of a quarter.

Their gazes reflected concern, caution, and unmistakable hope.

It was unclear whether Mr. Ahmadinejad's conspicuous silence reflected technical problems or political caution or some combination of the two.