I view the risk as very high that the Fed shifts its bias to tighten (interest rates) sooner than we had forecast. The risk is rising that they will move sooner.
More Quotes from Diane Swonk:
The Fed wants to see whether this July data, this bad economic data, was an aberration, and two months will make it clearer. If they see more instability in financial markets, they will take it lower.Diane Swonk
We are at a time in the cycle when you don't need to just turn down the flames on the fire, you have a pot that is already boiling. What the Fed is concerned about is that even as you begin to turn down the flames that pot will still boil over.
Diane Swonk
There's a difference between good growth and bad growth at this stage of the cycle and this is clearly not the kind of inflationary growth that the Fed gets overly concerned about,
Diane Swonk
That's basically what the statement says 'If the economy's weakness is not due to Iraq, we'll ease. If it is Iraq and things clear up, and we get the economy springing back, we'll leave things unchanged,'
Diane Swonk
We were expecting sales to remain in record territory today, not set new records, ... This really underscores the silver lining to clouds abroad.
Diane Swonk
(Bush) has got to be even more careful today. He has burned through a lot of political capital. He's got to put someone in who is going to be a slam dunk.
Diane Swonk
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