Going into the hurricane we had a shortage of refining capacity anyway. This just throws a hand grenade into the already delicate balance.
More Quotes from Michael Englund:
We would not be able to land (in Stockholm) until 130 a.m. and that is not reasonable.Michael Englund
For the Fed ... they know there will be disruptions in September from Katrina, but policy is forward-looking and takes six months to have any effect. If the Fed can withstand the political heat, they will stick to their guns with a quarter-point rate hike.
Michael Englund
What we are seeing is that these numbers are coming in line with other confidence figures, which shot ahead in May and June with oil prices falling, and now with oil prices soaring, we are seeing the effect from higher prices at the pump.
Michael Englund
The story is all about oil. This is still a fluid situation but we have enough information to feel comfortable lowering our economic growth estimate even further.
Michael Englund
It's a slow week for releases, ... I think there's almost no chance the productivity revision or the wholesale inflation numbers will have much effect on the Fed's March policy decision.
Michael Englund
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