Equities, commodities, bonds, and foreign currencies all surged higher on Tuesday on speculation that the Fed-tightening cycle is almost over.

It's hard to say where we'd be without it (Grow Utah), but we definitely wouldn't have grown at the rate that we did.

A weak housing starts report, a contained [producer-price index] report, and finally the minutes from the last Fed meeting caused the speculation.

The emerging market dollar denominated debt market is going away, and at the same time there are a lot of invested assets chasing the little yield that is left. More and more of the focus is on which bond will be bought back next.

Not only are emerging countries unlikely to default because they are in good condition, they are unlikely ever to default on existing bonds because they are buying them back quickly.

Americans are so direct. They'd ask me, 'What's your five-year plan? Do you have a five-year plan?' I don't know what I'm having for my tea tonight let alone a five-year plan.