Normally, economists downplay periodic swings in energy prices, ... However, the most recent run-up is a source of concern because it may be raising inflation expectations. Workers do not live in a world that excludes food and energy prices. Wage demands, especially in the current tight labor market, will be based on the increase in the overall CPI.
More Quotes from Mark Vitner:
Anecdotal evidence and common sense suggests that core inflation has not been anywhere near this tame,Mark Vitner
The trucking industry is very competitive, so driving up the costs of hiring drivers has not really translated that much to price pressure for finished goods.
Mark Vitner
The problem with the November employment numbers is hiring for the holiday season. It's hard to get a gauge of what it's going to be. They do a seasonal adjustment to the number to account for that, but the seasonal adjustment causes wider swings. And this year Thanksgiving came later in the month, so hiring might have started after the November data was collected.
Mark Vitner
I truly believe that they would like to stop at 5 percent, but if we get a really strong number (for economic growth) in the first quarter it may be hard to do that.
Mark Vitner
Yesterday there was a little bit of a fear that maybe the housing market is not slowing down much and that the Fed has to do a little bit more, and today it takes some of that fear back out. They are really close to being done.
Mark Vitner
I think Ferguson might be the best vice chairman we've ever had.
Mark Vitner
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