The average American's real income and consumption is the highest it's ever been.

When fixed-income investors conclude that the central bank isn't going to raise rates any time soon, ... there tends to be a convergence of rates.

That could be bullish for the stock market if the household sector concludes that real estate is not the place for speculative gains any more.

Now, I think you have to add an entire percentage point

I'm actually very pleased to see they decided not to raise rates because it's really not justified by the performance of this economy,

We have two surprises in our economy: better-than-expected growth and lower-than-expected inflation, and the growth is based on productivity, ... People are working harder. They're generating more products efficiently at lower prices.