With the Fed having set interest rates at near zero for the last 3 years and promising to keep them there for the next 18 months (at least), with massive quantitative easing; with bond yields stunningly low and what could be described as expansionary fiscal settings, it may not be a surprise that some growth is coming through.
A big issue for the early months of 2012 will be the momentum in the US. There remains a massive debt overhang, the desire for fiscal consolidation, depressed asset prices, zombie banks and limited policy flexibility, if needed, to promote growth.
The recent data might just be noise - a temporary uptick along a long run trajectory of weakness. I think it probably is. But he's hoping these pale green shoots of pick up turn in to a substantive recovery in 2012.