The good news is that what we've seen is an unchanged reading for the nonpetroleum items and it looks like what we're still seeing is lower prices for many consumer items.
More Quotes from 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 housing market is cooling off, but not too much, and inflation looks relatively benign.
Gary Thayer
We're not seeing a lot of strength in goods and services right now. Sales are mixed. Some categories are doing OK and others are weak. We're not seeing an outright decline.
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
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
This is probably going to keep the Fed concerned about inflation.
Gary Thayer
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