  We discuss the consequences of recent experimental results from CDF, SLC, LEP
and elsewhere for the Standard Model and for new physics. A global fit to all
indirect precision data yields $m_t = 175 \pm 11^{+17}_{-19}$~GeV,
$\sin^2\theta_{MS} = 0.2317(3)(2)$, and $\alpha_s = 0.127(5)(2)$, where the
central values are for $M_H = 300$ GeV and the second uncertainties are for
$M_H \rightarrow 1000$ GeV (+) and 60 GeV (-). The $m_t$ value is in remarkable
agreement with the value $m_t=174 \pm 16$ GeV suggested by the CDF candidate
events. There is a slight preference for a light Higgs with $M_H < 730$ (880)
GeV at 95\% c.l. if the CDF $m_t$ value is (not) included. The sensitivity is,
however, due almost entirely to the anomalously large observed values for the
$Z \rightarrow b\bar{b}$ width and left-right asymmetry. The value of alpha_s
(from the lineshape) is clean theoretically assuming the Standard Model, but is
sensitive to the presence of new physics contributions to the $Z \rightarrow
b\bar{b}$ vertex. Allowing a vertex correction $\delta_{b\bar{b}}^{\rm new}$
one obtains the significantly lower value alpha_s = 0.111 \pm 0.009, in better
agreement with low energy determinations, and $\delta_{b\bar{b}}^{\rm new} =
0.023 \pm 0.011$. There is now enough data to perform more general fits to
parameters describing new physics effects and to separate these from $m_t$ and
$M_H$. Allowing the parameter $\rho_0$, which describes sources of $SU(2)$
breaking beyond the Standard Model, to be free one finds $\rho_0=1.0012 \pm
0.0017 \pm 0.0017$, remarkably close to unity. One can also separate the new
physics contributions to the oblique parameters $S_{\rm new}$, $T_{\rm new}$
and $U_{\rm new}$, which all take values consistent with zero. The effects of
supersymmetry on the determination of the SM parameters are discussed.
