It (consumer sentiment) was a little higher than expected, but the stock market has come back, gasoline prices have come down, and the weather has been beautiful and that has to affect consumers somewhat.
More Quotes from Mark Vitner:
The jobless recovery is well behind us. The economy right now is not really in a recovery mode, it's in a boom mode. Companies are going to be hiring out of fear if they don't, they lose an opportunity to make more money.Mark Vitner
I don't know if the gas prices and interest rates will knock consumer confidence down in coming months, ... I think they're more likely to hold it where it is now, which is good, but not great.
Mark Vitner
We expect a big jump in consumer confidence now that the effects of Katrina and higher gas prices are further behind us. Higher confidence will lead to a better-than-expected holiday shopping season as well.
Mark Vitner
Recent trends show the price pressures are well contained, with the exception of oil, ... The core CPI rose at just a 1.8 percent annual rate over the past three months, which is slightly below the 1.9 percent year-to-year gain. That means the core CPI is unlikely to accelerate in the next few months and allows the Fed to continue its policy of just gradually pushing up interest rates.
Mark Vitner
You could even interpret the minutes to read that economic growth has already slowed to its long-run potential and that the federal funds rate is already at a neutral level. The Fed's commentary describes an economy that is nearing or already in the early stages of a soft landing.
Mark Vitner
Virtually all indices remain at solid levels. It's a very strong reading for manufacturing overall. The most disturbing thing is the prices paid which is almost at crisis levels.
Mark Vitner
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