In a maturing bull market, expectations are usually running at high levels for both economic growth and corporate earnings. And the higher the expectations, the greater the room for disappointment.

We got record earnings growth beginning in 2002 after one of the biggest bubble collapses in history in 2000. Just wait until the next recession when earnings growth turns negative again, and people will understand that earnings don't always grow 15 [percent] to 20 percent.

The Fed sounded optimistic about growth, but its view that the risks of inflation and inflation expectations were reduced is the hallmark buy signal for the back end (of the bond curve),

What they reported this morning beat my expectations, but it's hard to overlook the slowing customer growth.

After those several years of great growth, people's expectations have been very high - probably too high. And at the first sign of a slowdown they react they other way.

It confirms everyone's expectations that they'll raise rates in March. When growth is improving, you don't want to fuel extra speculation.