Inflation is very contained. It's not going anywhere. The Fed is little too worried about the wrong thing. I'm more worried about growth.

I think we're going to have a slower recovery, ... There are other things that suggest there are limits to what the Fed can do.

Clearly, this is more strength in the retail sector than the Fed would like to see.

What we see is a Fed president trying to be honest with us.

There are rates that may not move at all and there are rates that may move opposite to what the Fed has done.

This is a Fed that should be headquartered in Egypt, because it's in denial.