A Fed move in late summer is a high probability bet right now.
More Quotes from Cary Leahey:
Even though the PPI has accelerated, it hasn't passed over to consumer goods prices, and it hasn't passed through into wage gains. So as long as you have a great story on labor costs with productivity, you can't really have an inflation story.Cary Leahey
The market will look at the (consumer confidence) report with the expectation that confidence will still wobble with sky-high levels of gasoline prices and higher natural gas prices for heating homes in the winter, figuring that consumer spending will be hurt down the road.
Cary Leahey
It's an impressive number. It just gives you more confidence that you'll get 4.0 percent plus (increases) in the fourth quarter and you'll hang in there through the first.
Cary Leahey
Unit labor costs were up 3.5 percent which, if sustained, would suggest increased labor cost pressures down the road.
Cary Leahey
It's certainly an impressive number, it's the lowest since early 2001.
Cary Leahey
The bond market doesn't really care about the payrolls data now because you're even getting the crazy question asked about whether the Fed can ease.
Cary Leahey
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