There's no sign of inflation, and the labor market is still weak. There's still plenty of room from the Fed's point of view.
More Quotes from Drew Matus:
There have been historical precedents where people have spent well in excess of what they've earned from foreign trading partners for extended periods of time and nothing has happened. The big wild card is you have a reserve currency (such as the dollar), how much extra room does that give you. That's the 100,000 question, or the 100 million question, or the 1 trillion question.Drew Matus
This is obviously an extraordinarily strong report, led by the consumer, but also with good signs about the state of the business sector and business confidence.
Drew Matus
This raises possibility of a pass through into core inflation. While companies can absorb some of the pipeline pressures, the way to do so is productivity gains that we're not seeing anymore.
Drew Matus
On a real basis the trade deficit widened by over 1.7 billion for the month and places the trade balance on a trajectory that would likely reduce fourth-quarter GDP growth by more than 0.5 percent.
Drew Matus
With this kind of income growth, the consumer has room to run. This tells us we don't need to worry about the first quarter.
Drew Matus
It's the inflation story, it's there and it's got implications going forward.
Drew Matus
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