GDP came in at 2.6% for the fourth quarter, significantly above Wall Street consensus of 1.8% and 2.9% for the year – I’m sure future revisions will take the finally full year number to 3.0% or higher.

Investments 4.6%

• Business 6.2%
• IP 13.2%

Government 0.4%

Meanwhile, the report shows a strong consumer and a sharp rebound in business investments, as well as proof the new tax plan got businesses to investment (see IP chart).  The jump in non-residential investment to 6.2% from 2.5% is also encouraging coming into 2019, which is a sign businesses will continue to increase cap ex spending.

Personal savings edged up to 6.7% from 6.4% quarter to quarter reflecting some angst among consumers.

The best sign that taxes moved the needle for business is the sharp increase in investment in intellectual property products.

More Fed speak is unlikely to move markets, but with everyone singing from the same hymn sheet, any diversion would make headlines.

• Vice Chairman Richard Clarida 8 a.m.
• Atlanta Fed President Raphael Bostic 8:40 a.m.
• Philadelphia Fed President Patrick Harker 12:15 p.m.
• Dallas Fed President Robert Kaplan 1 p.m.
• Cleveland Fed President Loretta Mester 7 p.m.
• Fed Chairman Jerome Powell 8:15 p.m.