The Fed will overlook the strength in the economy before Katrina and focus more on getting the economy back on its feet and probably will hold policy steady until we see how the economy is actually dealing with the shock of lost jobs and high gasoline prices resulting from Katrina.
More Quotes from Gary Thayer:
The longer Congress delays helping the economy out, the longer the economy will remain weak.Gary Thayer
Looking back, it is understandable why the Australian and New Zealand currencies peaked in early 2005. That was about the same time that the demand for crude oil also started to moderate.
Gary Thayer
The bond market took the GDP number positively, ... It had expected stronger growth and some people may now be reminded that the Fed will not be quick to raise rates.
Gary Thayer
The Philadelphia Fed business outlook index is still above zero in January, pointing to expansion, but the expansion is not quite as broad.
Gary Thayer
Still, the decision caught a few economists off guard. I agree with the Fed's view that the hurricane doesn't pose a persistent threat to the economy, ... But I think that if the Fed had held rates steady, the recovery could've been a little smoother, maybe a little faster.
Gary Thayer
The bond market had been thinking that the weak economic numbers that we've seen would cause the Fed to think twice about raising rates,
Gary Thayer
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