Mr. Greenspan is at least partly to blame for the turnaround in the fiscal position here -- his musings on the problems of ever-increasing surpluses were a clear green light to Congress to cut taxes.
More Quotes from Ian Shepherdson:
These data leave confidence very close to its cycle high, and completely unaffected by higher interest rates, ... Together with the rise in home sales also reported today, the data sit very uneasily with Mr. Greenspan's dovish tone last week and again today.Ian Shepherdson
A serious downturn in housing activity will have to wait until there is a meaningful increase in mortgage rates, ... For that, we have to wait until payrolls take off and the Fed signals tighter policy.
Ian Shepherdson
The bottom line is that a one-month decline in this measure does not reverse the clear, firm upward trend.
Ian Shepherdson
We have no real idea what the number next week will be, but we can be pretty sure that for the next few weeks the data will tell us next to nothing about the state of the economy across the country outside the areas hit by the storm.
Ian Shepherdson
The Fed will likely ease on Nov. 6, but the Beige Book has not changed the odds, ... And it tells us nothing about the future of the economy or Fed policy.
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
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Based on Topics: Tax QuotesBased on Keywords: ever-increasing, musings, surpluses
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