Looks like investors are buying it: They're convinced that the U.S. remains the best option and we can blame the weakness on the weather. Not only have markets not cratered, but we've taken back 100 percent of the losses sustained in the first two months of the year.
(Read more: Janet Yellen is NOT Ben Bernanke)
Later this week, we'll get readings on durable goods, new-home sales and the second read on fourth-quarter GDP. Economists are already preparing us for a downward revision on GDP to 2.5 percent from the first reading of 3.2 percent, according to a survey by Thomson Reuters.
I think that the Fed is out of touch. Does anyone really believe that the economy is firing on all eight cylinders? If we are, then ring the bell that we've hit the targets and let rates normalize.
Then, watch the fireworks!
—By Kenny Polcari
Kenny Polcari is director of NYSE floor operations at O'Neil Securities and a CNBC contributor, often appearing on "Power Lunch." Follow Kenny on Twitter @kennypolcari and visit him at kennypolcari.com.
Disclosure: The market commentary is the opinion of the author and is based on decades of industry and market experience; however no guarantee is made or implied with respect to these opinions. This commentary is not nor is it intended to be relied upon as authoritative or taken in substitution for the exercise of judgment. The comments noted herein should not be construed as an offer to sell or the solicitation of an offer to buy or sell any financial product, or an official statement or endorsement of O'Neil Securities or its affiliates.
Correction: St. Louis Fed President James Bullard said last week that he thinks full employment is closer to 6 percent and therefore we're about 0.6 percent away from full employment.