Looking forward, we have Katrina and the price of oil to worry about. I think the odds are still against it, but Hurricane Katrina could prove to be the exogenous shock that we've feared could dramatically slow or even derail the expansion.
More Quotes from Bill Cheney:
There really is no inflation at the wholesale level.Bill Cheney
The good news for workers is that productivity growth cannot continue at this pace. Demand will translate into jobs very soon, and in fact I think it's happening right now.
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
Even though there probably is a recovery in the pipeline, there isn't going to be any clear evidence of it by the time we get around to the next meeting.
Bill Cheney
It's still the same story, that there really is no inflation problem at this stage of the cycle.
Bill Cheney
You are seeing a large number of people coming out of the woodwork because there are jobs to be found. People are now looking for jobs because it is now worth looking.
Bill Cheney
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