NEW YORK (CNN/Money) - The Federal Reserve seems to have created as much question as clarity with yesterday's rate increase.

It said output had slowed down and the labor market had gotten softer. Nevertheless, the central bank's Open Market Committee remains convinced the economy is poised to do better.

The main reason for the committee's optimism appears to be its conviction that oil prices are too high relative to the fundamentals of global supply and demand, and are sure to come tumbling down sooner or later.

On that point, oil prices have pulled back from the highs of yesterday on the latest news out of Iraq, and some indications that inventories are looking fuller.

But oil remains a wild card, subject to geopolitical events as much as whether or not you drive the gas guzzler to work or the fuel efficiency model. And the weekly measure of Consumer Comfort has dipped a bit lower.

Does the Fed keep moving rates higher if the economy softens? Does a lack of jobs growth no longer matter? Yesterday's rate hike and policy statement leaves many in the markets wondering.  

Kathleen Hays anchors CNN Money Morning and The FlipSide, airing Monday to Friday on CNNfn. As part of CNN's Business News team, she also contributes to Lou Dobbs Tonight.