The good news is that the inflation number was also revised down slightly but is still running higher than we saw a year or so ago,
More Quotes from Gary Thayer:
It looks like these numbers are consistent with a small decline in fourth quarter GDP.Gary Thayer
Growth is still at a healthy level. There is no major slowdown.
Gary Thayer
If you look back at the'70s and'80s, the Fed was perceived to be the man behind the curtains. Today, it's looked at as a more prominent player. I'd say (Greenspan's) better known than members of the Supreme Court, and that wasn't true of his predecessors.
Gary Thayer
Inflation is creeping up, but it's not out of hand. I think that's pretty important, ... The bond market may have discounted a worst-case scenario over the last couple of months on inflation, and now maybe traders won't have to worry about the Fed moving too fast.
Gary Thayer
Along with the rise in non-fuel import prices, this suggests the weaker dollar is taking competitive pressure off of businesses, giving them the extra pricing power they didn't have a couple of years ago.
Gary Thayer
It shows that consumers are feeling poorly about the economy, similar to what we've see in other recessions. Confidence is not as low as it was in the recessions of the early 1990s and early 1980s, but it is dropping in response to the worsening employment situation and the concern about the terrorism threat.
Gary Thayer
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