Modestly weaker-then-expected capital goods orders data suggest a slight shift in growth toward Q4 away from Q1 but the simple fact is that the data clearly suggests that factories are going to be humming throughout Q1.

We have had an extraordinary period of job growth the last four months. The bond market is always worried about higher growth, and the equity market is concerned that the Fed might be more likely to overshoot, and take rates too high.

Growth was lower than expectations because of inventories -- which will need to be rebuilt -- while moderating employment costs will make it less costly for firms to hire additional workers. The still-strong level of wage and salary should buoy consumption.

I think these minutes ratify the middle view in the markets, not that the Fed's done and not that the Fed's going to 6 percent.

I think what this does is ratify the Fed's current stance --- moving at a measured pace seems to be the prudent course.

Hiring a Fed chairman is like firing a missile. There's no recall button.