While consumers are forking over a lot of money on gasoline, they continue to spend elsewhere, ... This tells us that job and income prospects are better than what is commonly understood.

The factory sector continues to grow at a fast rate, probably further absorbing existing capacity. We look for healthy increases in both industrial production and factory usage.

It's just adding to the notion that the Fed is on the cusp of an imminent and extended pause. It's proving what everybody was thinking -- the I-told-you-so crowd -- that oil is going to weaken things.

Already in December, the vehicle sales data seemed to be regaining traction.

The Fed is toward the end of its rate hikes. Equities and bonds got a bid because the Fed talked about maybe finishing its tightening.

The economy could get back to an above trend rate this quarter, and that is what will matter to monetary policy makers.