The earnings momentum from the prior fiscal year has been maintained despite some slowing in economic activity, particularly consumer credit growth.

The market's grappling with earnings slowing down.

It is a year for modest economic growth and therefore modest earnings growth.

It's a good sign that the consumer has some momentum going into the start of the year and that probably reflects the fact that the labor market is continuing to improve, albeit modestly. It's a positive for economic growth this year.

To the credit of the regulators, they've been particularly proactive about how they're tackling this consumer cash bubble, ... The regulations they've brought in are going to crimp the earnings of the credit card issuers and prevent any fallout to the economy.

It shows there is still solid underlying demand for housing and that activity this year, while slowing, is not going to collapse.