I don't think this will have much impact on Fed thinking, not at this point; 25 basis points in January is baked in the cake. So we'll see one more hike certainly, perhaps two, but as the Fed keeps saying now the future course of interest rates will depend on the data. We're not on cruise control anymore.

Those three projects will generate about $28 million in one-time fees.

There hasn't been a whole lot of reaction to the auction so far, although we saw that indirect bids came in quite high.

I would call the dollar's reaction a little muted. This data is generally volatile anyway, which prevents too much market reaction.

We'll see one more hike certainly, perhaps two, but as the Fed keeps saying now, the future course of interest rates will depend on the data. We're not on cruise control anymore.