In crafting today's FOMC statement, we believe Fed officials were undoubtedly influenced by the perception that mixed signals from the Fed, and possibly some loss of credibility, accounted for some of the recent surge in bond yields.
More Quotes from Maury Harris:
The bond market has been moving on two things today the movement of stocks and this speculation about the yuan.Maury Harris
The recent declines in existing home sales corroborate the slowing in other housing-related data. We expect additional slowing in the housing market, including prices, in 2006. In turn, the cooling will probably result in a moderation in overall growth.
Maury Harris
With consumption accounting for about 70 percent of GDP, the extra strength should add about 0.7 point to total GDP growth.
Maury Harris
Difficulties of seasonally adjusting the retail sector around year-end suggest that the two-month average -- about flat -- is a more reliable gauge of hiring trends.
Maury Harris
The implication is that raw winter weather may have depressed starts last month, particularly late in the month. Even so, starts remained above the 2003 average of 1.85 million units.
Maury Harris
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