The markets were a little disappointed that the Fed didn't give any explicit hint that a pause is around the corner.
More Quotes from Rory Robertson:
The thing driving service prices is wage growth, and after two years of sub-par economic growth, we've got wages decelerating. If the Fed doesn't get the economy growing at an above-trend pace in the next couple of years, deflation will arise.Rory Robertson
Just as the market overshot on the downside in yield in MayJune, the risk is that it now overshoots on the upside.
Rory Robertson
This is the first time the new Fed Chairman has spoken to an audience other than politicians and it's a week before the next policy meeting, so it's no wonder people are tense.
Rory Robertson
The Fed is trying to do what it can, but the history of the past 200 years is that big booms tend to end badly -- big equity market booms in particular. The Fed so far has done a magnificent job of holding the show together, but we don't know what effects of the bubble are still in the pipeline.
Rory Robertson
Obviously, a big rise in the core CPI would get the ball rolling toward another hike, but it's far from clear that will be the outcome.
Rory Robertson
All the good growth is in the forecasts, in the idea that financial conditions have eased. But we've seen that doesn't always turn into actual good growth.
Rory Robertson
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