Consumers are getting more cautious.

It's clear that there are more instances of counterfeiting and consumers have to be cautious,

We can't run econometric models. The numbers aren't good enough.

This was certainly a successful launch for the 30-year bond.

There is just no spare refining capacity around to deal with these losses. We don't have any cushion.

The Fed doesn't like to switch policy very quickly. Unless something goes wrong, I think they are going to stop (after the March move) and hold rates there for an extended period.