You can no longer make the argument that there is a lot of excess capacity out there. The bias on inflation is a little bit to the upside and the Fed has to be careful about that.
More Quotes from John Silvia:
You could have dismissed it six months ago as a one-time hit,John Silvia
The rate of spending is less than you would have expected given the typical business cycle. Companies have made a lot of money, but if you look at equipment and software spending, this cycle is below the pace of the past three or four cycles.
John Silvia
The question is often asked When will capital spending kick in I answer that it already has.
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
It's good news for the economy, it's good news for the Fed and it's good news for corporate profits,
John Silvia
We avoided the sticker shock from high heating bills in October because it was so warm. If it stays warm through Thanksgiving, we should have a good holiday shopping season.
John Silvia
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