After a week of good news, last week’s economic data returned to the soft side. Inflation continues to run below Federal Reserve targets, and retail sales disappointed. Despite that, however, industrial production did well, suggesting that the economy as a whole may not be weakening, even if parts of it are. The Fed, in particular, appears to remain optimistic about growth.

Despite a recent run of weak data indicating a summer slowdown, positive surprises across the board last week suggest that growth is likely to continue for the rest of the year. Business sentiment rose further into positive territory, while job growth was much stronger than expected. Overall, the big picture looks positive, as businesses continue to feel good and to act on it by hiring.

Although consumers remain confident, last week’s data showed that neither consumers nor businesses are spending. This weakness raises concerns about whether the expansion will continue to accelerate.

Recently, there has been a great deal of discussion over oil prices—up, down, in a bear market, what is OPEC doing? So, let’s see what we can discern by applying our usual methods to the situation: evaluating changes over time, rather than in the short term; applying some historical perspective; and then looking at the fundamental economic realities to figure out what they mean now and in the future. I think you will find the results interesting.

Last week was a slow one, primarily focused on housing, with reports on sales of existing homes on Wednesday and new homes on Friday. Unlike much of the news recently, the data showed that housing continues to do well, with strong demand and activity.

Last week, we saw a wide range of economic data. Overall, the news was disappointing, with all indicators coming in below expectations. In many cases, however, the details were better, as annual numbers often remained in healthy territory. Still, future growth acceleration is becoming less likely as signs accumulate that the economy has peaked. That being said, growth is expected to continue, just at a lower level than anticipated earlier this year.

Is there a glaring resemblance between the years 2017 and 1999? Yesterday, I appeared on CNBC’s Trading Nation, with host Brian Sullivan, to discuss the similarities I see between 1999 and 2017 in terms of five key economic indicators.

What are market expectations for the rest of the year? Yesterday, I appeared on CNBC's Power Lunch alongside senior contributor Larry Kudlow, discussing the impact of the Trump administration on the economy with hosts Becky Quick, Brian Sullivan, and Steve Liesman.

Will the Federal Reserve continue its rate hike policy? Earlier today, I visited Scott Gamm on the set of TheStreet TV to discuss the Fed's next move, plus why I think the markets can go higher despite a significant technology selloff.

The Federal Open Market Committee (FOMC) kicks off its regular meeting today. Markets expect a rate hike to be announced on Wednesday. What I’m really interested in, though, is what the Fed plans to do about rates for the rest of the year, as well as how it intends to reduce its balance sheet.