With consumption accounting for about 70 percent of GDP, the extra strength should add about 0.7 point to total GDP growth.
More Quotes from 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
We now estimate that total real consumption rose at a 6.5-percent annual rate in the third quarter as a whole, above the 5.5 percent we assumed when we raised our estimate for total real GDP growth to 5.5 percent from 4.5 percent.
Maury Harris
The contained job gains will make it easier for the Fed to convince investors that it will not rush to tighten. We still expect tightening to start only next August.
Maury Harris
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.
Maury Harris
The bond market has been moving on two things today the movement of stocks and this speculation about the yuan.
Maury Harris
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