They will tend to think of that at the upper end of the neutral range and in this situation, where we've have such a steady decline in the unemployment rate and there are concerns about tightening resource utilization, they'd just as soon go up to the upper end of that range...to try to ensure that inflation doesn't pick up.
More Quotes from Dean Maki:
You would need a dramatic slowdown in domestic U.S. demand to bring down the U.S. trade deficit, and we think that is unlikely.Dean Maki
What seems to be happening is the number of transactions has been falling but prices continue to grow. Over time, the rate of price increases is likely to slow this year.
Dean Maki
Even though foreign economies are strengthening, it won't be enough strength to reverse the trend in trade, and we're likely to see further deterioration.
Dean Maki
It looks like a temporary move lower. It appears that imports were affected by the timing of holidays in Asia.
Dean Maki
One way to interpret it is that sellers may have only been willing to sell if they got the prices they were expecting. Fewer got that, so there were less actual transactions as prices continued to rise.
Dean Maki
I think they are generally more concerned with inflation risks than growth risks right now. I think the contention will be that it is worth trying to make extra-sure that inflation doesn't rise.
Dean Maki
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