Economists have to worry that if consumer sentiment remains depressed, spending could follow that down and you could have a much weaker outcome (in terms of economic growth.
More Quotes from Cary Leahey:
I lean toward a half point instead of a quarter. The Fed wants to shore up confidence, to show that, unlike the European Central Bank, it feels your pain.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
It was one of the biggest surprises that I've seen in some time.
Cary Leahey
It's certainly an impressive number, it's the lowest since early 2001.
Cary Leahey
But ... the trend in unit labor costs is still declining and I would argue that the market and the Fed will say that this is a one-time surge.
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
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