The Fed's chief worry is still the labor market, ... So long as the unemployment rate does not fall further, and clear signs of consumer slowed own emerge, the Fed will be able to leave rates on hold.
More Quotes from Ian Shepherdson:
With three sub-300,000 numbers in the past four weeks, it is beginning to look as though there has been some real improvement in the labor markets this year.Ian Shepherdson
We doubt this can be sustained as the reality of 2.60- plus sinks in. For now, though, it looks good.
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
These data again show that when people have substantial net assets, slower income growth need not kill spending,
Ian Shepherdson
The bottom line here is that industry is doing well.
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
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