Even with the Fed raising rates four times up to that point, the statistic revealed no significant pullback. The economy remains stubbornly resistant.
More Quotes from Kevin Flanagan:
From the Federal Reserve vantage point, the productivity numbers are favorable and will continue to provide the Fed a comfort level in its aggressive easing stance. There's no mistaking we're closer to the end of that cycle, but numbers like this will help to alleviate these anxieties.Kevin Flanagan
While perhaps showing some retrenchment in manufacturing activity, the data nevertheless reveal that there are price pressures perhaps building in the pipeline. I think right now it keeps the Fed on their toes and does not dissuade at all the argument that they will consider tightening again in May.
Kevin Flanagan
The sentiment is not as enthusiastic as it was early this week. Investors are starting to realize that if the (economic) numbers continue to come in on the strong side, the Fed is going to tighten (credit) again.
Kevin Flanagan
It's more of a selling of the two-year note today, while the 10-year note is range-bound.
Kevin Flanagan
Nevertheless, fourth-quarter growth was far more than anybody was looking for, and it is something that's going to keep the (Federal Reserve) on notice that growth is eclipsing their expectations by a visible amount.
Kevin Flanagan
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