Good economic news from the layman's vantage: November's industrial production rose by three tenths of one percent, one-tenth above consensus estimates. Industrial capacity utilization came in lower than expectations at 77.6%. As the 80-85% range of utilization brings with it a host of recessionary and inflationary fears, investors ought to be pleased with the Federal Reserve's economic pronouncements later today — especially on the heels of yesterday's upbeat November retail sales report, complete with a revision for October that quadrupled the initial figure.

WHY, YES!: Take it from the Fed:

The economy "appears to be growing at a moderate pace despite the earlier rise in energy prices and labor market conditions continue to improve gradually," the Fed said in a brief statement after the meeting.

But we knew that already, didn't we?