She said she was happy with how the portfolio did last year, but struck a note of restraint, adding "there are areas where we need to be more muted in our expectations".
When Pope Benedict XVI visits the island next week, expectations will be more muted.Yet a momentous change has begun in Cuba in the meantime.
Although Disney's results beat Wall Street's expectations, they were more muted than those reported by rivals like Time Warner, which enjoyed strength from its movie studio, and the News Corporation.
Other analysts expect a more muted effect.
Expectations of any breakthrough became even more muted as no Iranian government, and particularly not this one, can seem to cave to outside pressure.
In the other economies, the link between personal experience and expectations for the distant future are far more muted, suggesting that the recession may be exerting a particularly divisive effect on British psychology.
The expectations for the iPad may be a tad more muted than the iPhone's, but (and this is a big but) we'd like to argue that Apple's entering a new market at least as important than the quality or success of its actual product.
The group downgraded its growth forecast for 2018 to 1.4% from 1.8% on the expectation that higher inflation would curb household consumption and that the UK would see more muted levels of investment, particularly business investment.
