These numbers are weak across the board. But of course, that's good for bonds. It just adds to the case for the Fed leaving rates low for a very long time to come.
More Quotes from 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
The current focus going into the employment report this week has much more to do with habit than anything based in reality.
Drew Matus
The big wild card becomes what the Fed does about it. That's why the bond market is rallying -- rather than concentrate on the inflationary aspects of higher oil prices, the market thinks the Fed will focus on the growth aspects.
Drew Matus
People are focusing on the impact of higher energy prices on the consumer instead of focusing on the impact of higher energy prices on inflation.
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
The Fed keeps trying to walk the middle course, and unfortunately that gives ammunition to people who think the Fed should be raising rates more and ammunition to people who think the Fed should be done.
Drew Matus
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