I can't interpret this report as a weak economy, and I don't think the Fed will either. They are going to persist in moving interest rates up until they see greater indications than what we have now that either the economy is weakening, or inflation is getting under control, or both.
More Quotes from Lyle Gramley:
I think the Fed needs to worry about the possibility it's flirting with deflation if it lets this go too far. When nominal rates get down toward zero, the Fed starts running out of ammunition.Lyle Gramley
I think the Fed opened the door for a half-percentage-point increase in August, if it's needed,
Lyle Gramley
My concern is not with a double-dip recession. It's with the likelihood we are gong to be in an extended period of growth below potential, and that would mean rising unemployment.
Lyle Gramley
This is an economy that's been struggling to keep its head above water for some time, so this kind of a rise in long-term interest rates is not welcome at this point,
Lyle Gramley
I don't think there's any doubt they'll go to 5 percent in May. I expect them to sit still after that.
Lyle Gramley
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