Consumer confidence surged to a 16+-year high in March. Consumer optimism is supported by a strong labor market and a positive economic outlook.

The GDP increased 2.1% in the 4th quarter, signaling economic growth. Consumer spending accounts for more than 2/3rds of U.S. economic activity.

Some Fed members made comments this week supporting more than 3 rate hikes this year. The majority still favor a gradual approach to increases though.