It's always a bit difficult to read the economic data in the winter, just because activity is thinner, and the vagaries of weather are more pronounced. So it's not unusual to see, although this is an extraordinary amount of volatility.
More Quotes from Mark Zandi:
The economy is going to be hit hard by Katrina, and it is going to be hardest on consumers who are already stretched thin. With the surge in gasoline and home heating oil prices, consumers will have a difficult choice to make between filling their gas tank or spending on other things.Mark Zandi
It's at the top end of what's desirable for the Fed policy-makers and investors. Inflation is low, but it is rising.
Mark Zandi
If underlying inflation begins to percolate higher, that will mean we will have to struggle with rising prices and higher interest rates.
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The unleashing of business pent-up demand will ensure that the U.S. economy's recovery will continue, but the unwinding of consumer spent-up demand will ensure that it won't come roaring back,
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I don't buy into those supply-side, trickle-down ideas. Those arguments might have made some sense 25 years ago, when the top tax rate was 70 percent, but not today, when the top rate is half of that.
Mark Zandi
I don't really put too much weight on the big ups and downs in the energy prices. And food prices also fell. That probably is related to the warm winter weather, and we can't count on that continuing for very long, either.
Mark Zandi
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