Mr. Greenspan said next to nothing about the current economic situation in his testimony, ... does not sound to us like a signal he has changed his mind on the appropriateness of the current level of interest rates. The rest of the testimony was a clear and unambiguous plea to Congress not to abandon fiscal discipline.
More Quotes from Ian Shepherdson:
Clearly, these headlines will assuage some of the fears of a consumer collapse, and they mean the Fed will wait till the meeting before easing again. We still look for at least a 25-basis-point easing on Jan. 31.Ian Shepherdson
As far as we can tell, just about everyone now expects another 25-basis-point hike on May 16, which rather begs the question why the Fed did not act more boldly today and raise rates by 50 basis points, ... By the time of the May meeting, a bigger move might be forced upon the FOMC.
Ian Shepherdson
After 911, the index made up all the ground lost, and more, by January '02. This seems as good a guide as any now, though in the meantime we expect a couple of very rough months for consumers' spending.
Ian Shepherdson
At 296,000, claims have slipped back to a five-week low, ... This is simply too low a level to be consistent with a major change in the labor market.
Ian Shepherdson
This testimony did not give the impression that he is in a great hurry to cut rates immediately.
Ian Shepherdson
Greenspan acknowledged unambiguously that there is not yet enough data to be sure growth has slowed in a sustained way, ... But his willingness to dig deep to find possible reasons why it might have suggests he is ready to wait before raising rates again.
Ian Shepherdson
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Based on Topics: Discipline QuotesBased on Keywords: appropriateness, unambiguous
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