Four years ago, the economy was in a very vulnerable state. Right now, the economy's window of vulnerability has slammed shut. Even though oil prices might have some impact on consumer spending, it's not likely to trigger a new downturn.
More Quotes from Anirvan Banerji:
The expansion we have now is a resilient one. At this point in the business cycle, even if you have significant shocks from oil, terrorism or a big drop in dollar, they are not going to derail the expansion.Anirvan Banerji
If you have one foot in a bucket of ice and another in a bucket of boiling water, on average you're perfectly comfortable. In that sense, we're very comfortable with inflation right now.
Anirvan Banerji
There are times when the economy is resilient. In all of the shocks where recession resulted, it's like things were lined up like dominos -- you knock one down and they all come down. This is not one of those times.
Anirvan Banerji
There are times when the economy is quite vulnerable, so a gentle push (from oil) can tip the economy into actual recession.
Anirvan Banerji
There will be a time when inflation will turn around.
Anirvan Banerji
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