This survey remains consistent with a booming manufacturing sector.

Those arguing that the Fed will soon take a time-out from gradually normalizing the level of the fed funds rate will have found little encouragement in these minutes.

The Fed has got a difficult balancing act in the months ahead. The Fed is increasingly concerned indicators of a cooling housing market imply future downside risk to growth.

This is a very strong survey.

Fourth quarter probably marked the trough although we could see an equally weak number in the first quarter.