There is nothing to be scared of here. When you take out several one-time gains including apparel, tobacco and lodging, prices were almost unchanged.
More Quotes from Ian Shepherdson:
Looks to us like tax rebate money is being spent, ... Retailers should have a good autumn.Ian Shepherdson
The bottom line here is that the month-to-month volatility in the durable orders data is such that the true information content in a single report is very small -- there's just too much noise.
Ian Shepherdson
Not pretty, and getting worse.
Ian Shepherdson
The new Fed Chairman clearly expects to have to raise rates a bit further, but the extent of the tightening is dependent on the relative performance of the labor and housing markets.
Ian Shepherdson
This is a low enough number to be interesting, but not so low that it clearly marks a favorable shift in the trend,
Ian Shepherdson
There is no clear steer on policy in this speech analysts with different views will read it in different ways. But we think the Fed chairman knows recovery is here he just wants to be a bit cautious -- and in both directions, which means no more easing,
Ian Shepherdson
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