After the attack on Pearl Harbor, the New York stock market fell 5 percent over two days. As the United States mobilized and expressed its resolve in the ensuing days, the stock market came back.
More Quotes from Ian Shepherdson:
It is impossible to tell how much of the drop simply reflects the inability of the seasonal adjustment to cope with the end of the auto retooling shutdowns, and how much is due to the underlying trend.Ian Shepherdson
The question the Fed now faces is what will happen to growth looking forward in the wake of a 75-basis-point tightening
Ian Shepherdson
He used the word 'pre-emptive,' which was the signal he used before the March 1997 rate hike.
Ian Shepherdson
This report indicates manufacturing is continuing to rebound from the Asian crisis, which is exactly what the Fed expects.
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The revisions are not as big as we feared, ... The new April number shows sales at their lowest level since November, but the previous four months were exceptionally strong, in part due to favorable weather. Given the strong trend in mortgage applications, these data likely do not signal real housing weakness.
Ian Shepherdson
The ISM survey clearly promises much bigger increases in production ahead, but for now the official data are lagging the survey a bit,
Ian Shepherdson
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