The numbers we've seen over the past few months have to make them feel better about their stance in monetary policy. It will allow them to remove some of the pressure they feel to maybe raise rates, and in effect move toward lowering rates.
More Quotes from Brian Wesbury:
Real GDP in the third quarter and into the fourth will clear 4 percent, ... The economy has recovered after the war very strongly.Brian Wesbury
Weak currencies tend to signal weak economies. Brazil did not want to devalue, it fought off devaluation for a long time. Nonetheless the economic fundamentals forced them to devalue against their wishes.
Brian Wesbury
Despite the decline in headline producer price pressures, the risks of deflation have clearly vanished and signs of inflationary pressures have emerged. With the Fed holding real rates below zero, we expect producer prices to continue their upward trend in the months ahead.
Brian Wesbury
All in all, the economy is not weak enough to warrant another rate cut. However, the Fed will give us one anyway. As always, the end result of excessive ease by the Fed will be higher rates in the years ahead.
Brian Wesbury
This number is a one-month number. I would really be hesitant to make a trend out of this. If you strip out oil, these numbers do not look so bad and, especially in the producer price area, prices are still falling and this tells me that the pipeline does not have inflation in it.
Brian Wesbury
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