For the Fed, this report will confirm their current bias for reducing the pace of asset purchases, consistent with their expectations for the strong momentum in economic activity during the last six months of the year to be sustained in 2014. And as the weather distortions in the data begin to dissipate, we expect the tone of economic data to improve.Which in plain English would mean tapering on course may be with increased speed.More pain for the Submerging markets and more volatility ahead.