Obviously they're getting a lot of flak from Congress and the Europeans as well. It was going to happen at some point anyway. It probably happened sooner than it would have if Congress and the administration hadn't said anything.

People tend to look at core to get a look at overall strength and weakness of the economy.

That sliced off about a half a percentage point in growth.

The headline number was weaker than what people expected. But when you look down into the underlying details, it's not as weak as what that headline number would suggest.

Assuming the spark does not happen, it can go on much longer, ... Nobody wants it to stop. We don't want to contemplate sharply higher rates and prices. The Japanese and Chinese don't want to contemplate it either.

Most people expect that the Fed will hike short-term rates more than the 10-year (yield) will go up this year.

In general, a rising rate environment slows down growth, so most companies are not going to go as good as when rates are low.

A 30 percent appreciation of the yuan over the next year could be a destabilizing blow to their economy. That could lead to political upheaval. I don't know if at the end of the day you want that. And whether it's Wal-Mart or old line U.S. manufacturers or Silicon Valley, there are a lot of U.S. businesses that depend on low-priced Chinese inputs.

Unfortunately, the underlying details [of this report] suggest that it would be premature to break out the champagne.