Oddly, the statement accompanying the cut was uniformly negative in its assessment of the economy, which would have been consistent with a bigger move. We assume Fed policy makers were divided and that the smaller move allowed a consensus to be formed.
More Quotes from Bruce Steinberg:
October job loss could easily be worse. The unemployment rate is headed for 6 percent, in our view.Bruce Steinberg
The U.S. economy is performing so admirably right now, it is hard to believe how good it is. We have strong growth, declining inflation, strong profits, rising real wages. All of these things are happening at the same time and there is no sign that any of this is about to end.
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We believe Thursday's remarks were enough to think that the Fed will take a 'wait and see' attitude rather than ease one last time.
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The stronger the productivity, the more likely profit margins are to widen, and there's less inflation pressure.
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Larry Summers is a very capable guy. He's been Rubin's deputy for the last five years or so, and Rubin has been grooming him to take on the responsibilities of being the Treasury secretary.
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