It's a neutral to a decent number. I don't think this number adds to the argument that the Fed is stopping (rate rises) at 4.5 percent.
More Quotes from Richard Franulovich:
The Fed is much more concerned that policy remains accommodative, which means that rate hikes will be measured going forward,Richard Franulovich
In so far as this is already discounted by the interest rate futures markets, it is also priced into the euro and we're basically back to square one, where we started the year -- two more hikes here (in the United States), and two more in the euro (zone).
Richard Franulovich
Stepped-up U.S. appetite for foreign securities and less foreign appetite for U.S. Treasuries have come together to make this a weak number.
Richard Franulovich
When you have a catalyst like today, the recovery tends to be much quicker and sharper than the decline because people are getting stopped out.
Richard Franulovich
Some well-known commentators on Fed policy have come out and said that the Fed has finished, the Fed is on pause or the Fed should take a pause,
Richard Franulovich
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