Lyle Gramley Interpret Quotations

I can't interpret this report as a weak economy, and I don't think the Fed will either. They are going to persist in moving interest rates up until they see greater indications than what we have now that either the economy is weakening, or inflation is getting under control, or both.

I would interpret higher stock prices in two ways, ... It's an indication of improving confidence in the economy's recovery, and it increases the confidence and wealth of consumers, adding to consumer spending.