corporate America in a very conservative mode, cutting costs, trying to rebuild profits -- not in the mood to hire or expand their businesses.
More Quotes from Ethan Harris:
This is another of these little hints that we won't get a strong employment number on Friday.Ethan Harris
You want to get your house in place before financing costs go up.
Ethan Harris
The number itself wasn't very surprising, ... (Federal Reserve Chairman Alan) Greenspan's comments last week that the trade gap might start getting smaller raised attention and some hopes. But I didn't agree with him about that.
Ethan Harris
The Fed is going to take a cautious approach (because) they're worried about how the consumer will handle higher interest rates, ... We've had recovery nurtured on super-low interest rates. They don't want to shock the patient by withdrawing the medicine too quickly.
Ethan Harris
They keep fiddling with the language, and the general tone of the directive keeps getting a little less dovish.
Ethan Harris
In an ideal world, three simultaneous gradual adjustments would happen. The U.S. eliminates the budget deficit, China revalues by 30 percent and China works to rebalance growth more to consumption and less to exports. Of course none of this will happen and the pressure for protectionism from Congress grows.
Ethan Harris
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