They're now looking at the demand trade-off on oil prices, not just the inflation trade-off, which will make Fed policy much more complicated. It's a subtle but important change.
More Quotes from Diane Swonk:
It's a lot better than 1990-91, when we started out from a lower level, ... The bottom line is, consumers are going to be just fine. There's not going to be a bubble, like when we had 3.9 percent unemployment in April 2000. The labor market will tighten enough again, but for the moment it's going to be more balanced.Diane Swonk
If they move between meetings it's usually a move to shore up confidence.
Diane Swonk
What the Fed told us today is, we don't think we are done yet and we are not sure when we will be done.
Diane Swonk
The worst-case scenario assumes that a military strike against Iran would occur late in the year.
Diane Swonk
What can the Fed do about WorldCom This is not an interest rate problem. This is not something they should be involved with, ... I'm sorry, Wall Street, but you can't look to the Fed to save you when they don't have the tools to save you on this one.
Diane Swonk
It's all vehicle sales and gas. Chain-store sales were relatively strong during the month, suggesting consumers diverted their vehicle spending to other sectors. We also had a cold snap which prompted early spending on winter wear.
Diane Swonk
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