It will profoundly damage Bush's ability to accomplish his legislative goals, ... drastic reforms of Social Security and Medicare, which would affect the state of public finances in the long run.
More Quotes from Ian Shepherdson:
This is great news. These are very helpful numbers to those -- including us -- who think the Fed will not raise rates next month.Ian Shepherdson
These are spectacular numbers and confirm that the labor market is not at the moment the source of anything that could be plausibly described as inflationary pressure.
Ian Shepherdson
The switch is presumably to squash speculation that they are embarking on a new sequence of rate cuts, ... This is sensible -- they can always change their mind if they have to, but in the near term it will quiet the markets. It is also consistent with their medium-term view that the economy will indeed recover in the not-too-distant future.
Ian Shepherdson
This report will leave the markets still pushing for a Fed ease...but perhaps with a bit less conviction, ... It is still not a done deal.
Ian Shepherdson
Our measure of core sales, which excludes autos, gas and food, rose a pitiful 0.1 percent, the worst performance since April and impossible to square with Mr. Greenspan's assertion last week that the economy is regaining traction.
Ian Shepherdson
The upcoming data will soon enough force the Fed to change its stance, otherwise it will begin to look ridiculous,
Ian Shepherdson
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