It's just adding to the notion that the Fed is on the cusp of an imminent and extended pause. It's proving what everybody was thinking -- the I-told-you-so crowd -- that oil is going to weaken things.
More Quotes from Joseph LaVorgna:
The bottom line is that the underlying picture of above-trend growth and contained inflation remains intact.Joseph LaVorgna
I think if (FOMC members) maintain the bias (toward higher interest rates), the market will continue to be jittery, expecting further tightening. Of course, the wording of the announcement will also be important.
Joseph LaVorgna
The economy could get back to an above trend rate this quarter, and that is what will matter to monetary policy makers.
Joseph LaVorgna
The financial wealth that has been created is unprecedented. Even if the stock market, for argument's sake, leveled off here, there's been so much wealth built up that we really can feel spending for some time.
Joseph LaVorgna
This report will play an important role in setting the tone at the March 27-28 Federal Open Market Committee meeting -- particularly since the Fed has recently been emphasizing its data-dependent stance on monetary policy.
Joseph LaVorgna
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Based on Keywords: cusp, i-told-you-soWe have no more right to consume happiness without producing it than to consume wealth without producing it.
George Bernard Shaw
A thief believes everybody steals.
Edward W. Howe
A god who let us prove his existence would be an idol.
Dietrich Bonhoeffer