An aggressive effort by business to pass through higher energy prices will probably largely fail as an increasingly strapped consumer proves resistant.
More Quotes from Joshua Shapiro:
It was a good solid number, maybe not as high as some people were hoping, and not as bad as bonds had feared,Joshua Shapiro
The big question now is how much companies will be able to raise prices for finished products to offset the hit to profits from higher unit labor costs.
Joshua Shapiro
It sounds like he's sort of reaffirming what a lot of the Fed officials have been saying, which is that they are more worried about inflation than slowing growth,
Joshua Shapiro
Clearly, as this sales data and also the mortgage application data show, there is plenty of strength still in housing. However, is this, as we speculate above, fence-sitting buying ahead of perceived rate increases, or can this pace be maintained as buyers think that low rates will last for the foreseeable future.
Joshua Shapiro
They are being as clear as they possibly can be about raising rates in December without knowing what the data will be in the next month,
Joshua Shapiro
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