All the focus is on the core number. The Fed said yesterday that energy has not worked its way down to core consumer prices.
More Quotes from Anthony Chan:
This will be a positive contribution to consumer confidence. It's too early to jump up and say things are completely turned around, but for the moment, it buys us more time.Anthony Chan
The outsized gain in housing starts was influenced by the same variable dominating most of the other headline stats like the retail sales and industrial production, namely weather. Everyone knows that housing starts is a volatile number that generally reports wide swings.
Anthony Chan
What this does is basically vindicate Greenspan's policy. In 2000, we're going to see more of a gradualist policy.
Anthony Chan
As the natural displacement from other consumption goods toward energy goods occurs with rises in energy prices, it is easy to conclude that our natural wealth and standard of living will inevitably decline.
Anthony Chan
I think this is an important first step for the central bank. They didn't want to lower rates too aggressively for fear of sending a signal to the markets that they thought things were completely falling apart.
Anthony Chan
I think the risk is the downside, not the upside, ... I think the markets are fairly nervous about the prospects for growth. They're going to be dissecting the number. If we have slower than expected consumer spending and stronger than expected inventory growth, that's not going to bode well for the next quarter or so.
Anthony Chan
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