Wells Capital Management’s Jim Paulsen says the recent rally in stocks isn’t a sugar high resulting from the Federal Reserve’s actions. “This [rally] is a fundamentally driven advance in the stock market by growth in the economy,” Paulsen tells CNBC, pointing to economic stabilization in Europe and China, and improvement in the U.S. He also says he thinks the coming debt ceiling debates will have less of an impact than some think on the markets. “I think we’ve been desensitizing to some of these Armageddon stories,” he says. “I think the markets will react less to this debt ceiling than they did to the fiscal cliff.” And Paulsen makes the case for the Federal Reserve needing to normalize its policies and stop acting as though the economy is in crisis.