It's the inflation story, it's there and it's got implications going forward.
More Quotes from Drew Matus:
This level of inflation, combined with falling unemployment and rising capacity utilization, is a recipe for continued preventative rate hikes.Drew Matus
From his comments, it is clear that the US Fed will keep raising rates, hoping to bring the housing market to a very soft landing.
Drew Matus
I don't think this is going to draw much in the way of the Fed's attention. It was delayed for some time, and nobody from the Fed was complaining. They don't focus on it.
Drew Matus
The important thing, though, (it that) it's a January number. So we ended the fourth quarter on 1.1 GDP growth, but now, starting the next new quarter, we're going to have this surge in housing activity. And it's going to add to GDP estimates for the first quarter.
Drew Matus
Higher oil increasingly will creep into the indicators. Today, it biased the trade gap higher and pushed up import prices and also impeded the consumer sentiment number.
Drew Matus
I would have thought people would have changed their earnings expectations given that higher rates were expected to slow growth. The expectation all along was that because of productivity growth, companies would be able to keep boosting their profit margins, even if they weren't producing as much in goods and services, but that's obviously is not the case.
Drew Matus
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