That's one of the reasons the dollar came off at the end of last week, ... and could come off even more on Wednesday, when Greenspan speaks. He could be setting the foundation for a more range-bound trade for this coming quarter.
More Quotes from Lara Rhame:
On balance, it is a modestly dollar negative set of data. Retail sales growth was a little weaker than markets had expected, with a downward revision to the ex-auto sector.Lara Rhame
Stocks in this recovery have performed far worse than the last three recoveries. You really have to ask yourself, as a whole, what the markets are seeing out there.
Lara Rhame
We had a positive headline number with November's upward revision, but we're still seeing a discouraging trend. Excluding auto sales, sales have gone from 0.8 to 0.3 to flat over October, November and December. So we're seeing growth mainly based on auto purchases. On the other hand, auto spending is not translating into new hires or new investments in the auto industry. And that's true across industries.
Lara Rhame
Stocks usually lead us out of a recession, but not this time. That throws in a whole new level of uncertainty about how businesses are going to behave. We don't know if there will be enough business confidence without stocks coming back.
Lara Rhame
You can really think of productivity as magic fairy dust to sprinkle over growth to allow growth without inflation. That's really the way the Fed sees it.
Lara Rhame
If you look back at the data we had in July and August, they were not very positive. Even before Sept. 11, we weren't seeing growth anywhere, except in housing and automobile sales.
Lara Rhame
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