There should be no doubt that Mr. Greenspan's view has changed he now believes the economy is turning rather than just approaching the turn,
More Quotes from Ian Shepherdson:
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.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
It is tempting to argue that two straight months of sales nearer to the 900,000 level than one million...is evidence of a real slowing in housing. But it probably tells us more about the awful weather across much of the country,
Ian Shepherdson
The report suggests that industrial orders are trending higher as manufacturing recovers from the Asia crisis. There are no real signs of a slowdown.
Ian Shepherdson
Mr. Greenspan clearly wants to leave the door open to lower rates, but he was more explicit this time in his acknowledgement that there are risks on the other side.
Ian Shepherdson
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.
Ian Shepherdson
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