The Fed wants everyone to know that rates are going nowhere and will not let facts get in the way,

Next week's jobs report will be key to the income data and need to be watched as much for that reason as for the unemployment rate and job growth, ... Another month of weakness in the hours worked and wages data would be worrisome.

Like the rest of us, business leaders cannot figure out what will happen if war breaks out, and making business plans in such an unclear environment is quite difficult.

The manufacturing sector ended the year with some decent momentum that should carry it through the first part of the year.

The pull back in housing remains orderly, at least in the existing market. But the red flags are up. Inventories continue to rise and that is a warning that prices cuts could be coming, and soon.

So far, the cracks in the housing market are not that great, but with inventories skyrocketing, that may not last long.