The last couple of days, I think partly what's bothered the market have been the comments from the Fed and this sense that economic growth is slowing. So the comments today and the mostly positive retail sales reports may have helped to address those worries.
More Quotes from John Forelli:
This is the time when you get profit warnings instead of earnings surprises. Once the reports start flying in next week, you typically get a lot of positive reinforcement from earnings.John Forelli
I think the Fed raising rates 25 basis points is pretty much built into the market at this point. As is often the case, people will be watching the language in the statement for indications of what the Fed is going to do at upcoming meetings.
John Forelli
But to really see a bigger push, we'd need more clarification from the Federal Reserve about when the interest rate hikes are going to end, or we'd need more benign economic data to suggest an end is near.
John Forelli
With four Fed rate cuts working their way through, we may be back on a solid growth track toward the end of the year,
John Forelli
Investors are taking solace in the fact that the economy is not overheating, something that's been worrying the market over the past few weeks. This mixed jobs report takes some of the pressure off that concern for the time being.
John Forelli
I think there are still a lot of sectors of the economy that will get worse before they get better. I still expect to see a pickup in the economic news in the fourth quarter but there's still a big wait between now and then.
John Forelli
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