I don't believe anybody thinks this sort of productivity growth can continue. What that means is we'll soon have a lot of job growth.
More Quotes from Bill Cheney:
Sooner or later rates will have to come back up to at least a 'neutral' level. But for now they've got the monetary policy lever just about where they want it, and it makes sense to do as little as possible for as long as possible.Bill Cheney
Given the absence of core inflation, it seems to me as good a time as any to pause and see what's happening for a few months rather than overshoot and risk a recession.
Bill Cheney
There really is no inflation at the wholesale level.
Bill Cheney
I think it is clear that, whatever the economic outlook was on Monday, the outlook is shakier now, and there are stronger arguments for cutting rates.
Bill Cheney
I don't think we can discount the legitimate concern that the Fed has been pumping too much liquidity into the economy. It may be that they have to backpedal furiously as the economy starts to recover. Inflation has been down for so long, it may be hard to imagine it ever getting back up -- but you better believe it still can.
Bill Cheney
I don't really see this as down it's really flat. We're still at a level well above the post-Sept. 11 low and so long as it doesn't trend downward, I'm comfortable with the idea that consumer spending is going to hang in there.
Bill Cheney
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