The Fed chairman is not habitually in the business of delivering shocks to the markets unless the circumstances are especially dire. That is certainly a fair description of the situation in the states hit by Katrina, but it does not apply to the rest of the economy.
More Quotes from Ian Shepherdson:
If sharply higher interest rates, and a plunging Nasdaq make people more optimistic, we are at a loss to know what it will take to depress confidence,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 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
Katrina and Rita effects still linger, though they are fading, ... Claims will likely rise next week as the full effects of Wilma hit, but the downward trend is very clear.
Ian Shepherdson
It signals that the labor market has now moved again to center stage in the Fed's analysis and policymaking process.
Ian Shepherdson
The Fed's Beige Book acknowledges some of the improvement evident in recent economic data, but the tone of the survey could not yet be described as a ringing endorsement of the recovery story,
Ian Shepherdson
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