The real question here is we don't know how large that impact is yet -- so this is a big source of uncertainty for the Fed and that does give them good cause to take a pause in their measured pace of tightening.
More Quotes from Marvin Barth:
I think it's just some disappointment that they're not going to move right away. The message was that ... if the economy shows continued improvement and if price pressure remain as they have, that they'll then hike rates.Marvin Barth
It also faces interesting tests from U.S. inflation data this week from which we expect strong readings. But the focus is on the adverse U.S. funding situation and it is becoming increasingly hard for the dollar to maintain its value as the current account deficit expands.
Marvin Barth
We're likely to get some strong inflation data and that's going to keep the dollar going up for now. The yen will probably bear the brunt of the advance.
Marvin Barth
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