Overwhelmingly, I think the stock market is taking the view that the economy is doing well despite the rise in interest rates, and they clearly don't think that however much interest rates go up, that it is going to impair growth, or impair profitability.

We continue to see very rapid economic growth which has been a problem for the Fed all along. We have not seen a material increase in labor costs and that's what I think is going to be the ultimate problem in the economy somewhere down the road, though clearly it's not imminent.

This is a very strong report. The economy clearly is growing too strong and it's not going to stop on a dime, which is not very convenient to suit the Fed's needs and to meet the stock market's needs.

This is a very strong report, ... The economy clearly is growing too strong and it's not going to stop on a dime, which is not very convenient to suit the Fed's needs and to meet the stock market's needs.