Today, the Federal Reserve’s two-day meeting on monetary policy will come to an end. With a news conference already scheduled, markets will be turning toward Washington to see what the Fed is doing today—and where it is likely to go from here.

Yesterday, I spent the day in New York talking with a number of people, including many in the media. I always find this incredibly interesting. Media folks are invariably intelligent and very well informed about what a wide variety of players, including investors, are worried about—and what they are actually doing about it.

In the past few weeks, we've seen North Korea launching missiles over Japan and the two worst storms in U.S. history. So, why are the markets still at all-time highs?

Last week presented a wide range of data—from the consumer, to manufacturing, to the economy as a whole. Although the results were generally disappointing, much of that weakness appears to come from the effects of Hurricane Harvey. Historically, major storms have resulted in weak data for a month or two. So, while it is worth watching, we will likely see a bounce back in the coming months.

Recently, I announced that bitcoin was the winner of the “Bubby,” an award I made up for the bubble of the year. I kind of like the idea—and will do it again—but it was certainly done at least a bit tongue in cheek to highlight the appreciation over the recent past. Sometimes, however, you get it right almost by accident. Events since then have made that post seem somewhat prescient.

Among economists and investors, one of the biggest problems out there is inflation. It should be rising, but it isn’t. Related to this and contributing to the problem is that wages—according to theory and past history—should also be rising. Together, these would push all prices higher but are not. What's going on?

This morning, you may have heard that the U.S. stock market eked out another new record yesterday. Indeed, this is great news and certainly a big deal—as it comes just days after two major hurricanes hit the U.S. and under the mushroom cloud of a simmering North Korea confrontation (remember that?).

Market risks come in three flavors: recession risk, economic shock risk, and risks within the market itself. What will the risk levels look like this month? Let’s take a closer look at the data.

There were only two major data releases last week, but they were important in terms of the business sector: durable goods orders and the Institute for Supply Management (ISM) Nonmanufacturing index. Both were quite positive on the whole and suggest business confidence remains strong, which may result in faster business investment growth. Overall, the data indicates that the economy remains healthy and that economic growth is likely to continue at current rates or even accelerate over the near term.

August’s data was mixed, as improvements in business and consumer confidence were offset by a flattening yield curve and jobs numbers that were weaker than expected. These results were mildly disappointing. But the overall positive trends and, in particular, the high levels of confidence point toward faster growth toward the end of the year.