By the fourth quarter, we'll have better clarity on the presidential election, we'll know more about interest rates, about how the transition of power in Iraq has played out, and hopefully, oil prices will be under control.

Stocks have been flat, in line with the high levels.

We got exactly what everyone expected, showing the Fed did a very good job of telegraphing in advance what they were going to do,

We got exactly what everyone expected, showing the Fed did a very good job of telegraphing in advance what they were going to do.

What's interesting now is we're seeing a period where dividends are growing faster then earnings,

[Overall, following the statement,] the market is fairly clear that the Fed will keep raising rates by a quarter percentage point at each meeting through the end of the year, ... What the market is less sure of is what impact this will have on the economy.