The stock market was relieved that the Fed didn't sound tougher, and the stock market seems to figure that everything they like about Donald Trump will come true, and everything they're afraid of about Donald Trump will not come true.

I think that the feel that maybe China is slowing down means it will be buying less from Africa and Latin America. That means Procter & Gamble and Coca-Cola will sell less in Latin America and Africa. And so it is definitely related.

Nobody really knows what the market is going to do, but it sure looks like we are going to have a lot more volatility.

If you don't have a set of principles that you can explain for what you are doing, then how can anybody know what you're going to do next?

China's stock market is not very big. And yet when stock market has a bad day in China, it seems, Europe has a bad day and then we have a bad day.

People have put a lot of faith in the government's ability to get growth going in China. People have this, what I think, illusion that there are six people in China who really have their hand on every button. And what we're learning is, it's a very big economy and they're not that good at it.

I think what the Fed fears is that, if Donald Trump gets big tax cuts and big spending increases that take effect right now, when the economy is close to full employment, they will have to raise rates more rapidly.