In the meantime, the data on the US economy (especially employment and industrial production) will look very weak in the next few months,

There's not a big inflation problem. Under those circumstances, you get a benign yield-curve inversion.

I think this will be more of a company-led expansion instead of one led by consumers.

That makes it definitely worth watching how bonds are trading. When there are problems at a company, the institutional bond investors tend to figure it out before the rest of the retail market and dump their bonds.

For five years I worked at the [Commerce Department] and did econometric modeling, and you could never get these numbers to load into consumption numbers. They're not leading indicators or coincident indicators. They don't tell you a lot.

I look at that as really good news for the market; you want something right in the sweet spot. We're just in a nice, smooth acceleration, and now people are starting to think that's likely to be sustained.