They view the gasoline thing as temporary, and that's important because it didn't change their overall pace of spending. And that's a different kind of psychology. If it was a permanent increase in gasoline prices, then you would have expected consumers to make a more permanent adjustment downward in their spending and saving rate.
More Quotes from John Silvia:
On balance, I think it's the latter. In most businesses, inventories are in line with sales expectations.John Silvia
It does create a lot confusion and leads to different sides telling different stories -- not useful for making good public policy for the labor market,
John Silvia
Growth looks solid. The problem is prices paid were up again, suggesting inflation pressures remain a concern.
John Silvia
People have adjusted faster than we expected to the way they use credit. This could be a signal that Christmas sales may be weaker than expected.
John Silvia
That's going to be driven by the decision making of the new Fed chairman.
John Silvia
Inflation gains remain modest but they are gains. This suggests that interest rates will continue to rise as the Fed raises rates at the short end and bond traders discount trend growth and higher inflation at the long end.
John Silvia
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