Going into this report, many analysts greatest fear was that the Fed may have lost some control of this budding recovery. The actual evidence shows that a moderate recovery is exactly what we are likely to get.
Usually the devil is in the details. With this report, the greatest fear is that details of true labor market conditions will be found over the next couple of months instead of in this report.
There's a danger in being too positive, of there being a huge disconnect between how positive a policy-maker sounds and what the economy is doing. That was probably one of O'Neill's greatest shortfalls -- the dichotomy became too wide.