Fed officials have made clear that their heightened inflation concerns are related more to the outlook than the present situation. Thus, inflation fears have intensified even as core measures of prices have been exceedingly well behaved.
More Quotes from Stephen Stanley:
Some of the strength in building permits and claims may be weather-related and so this number probably won't be repeated, but there's been a strong recovery in the index since the hurricanes and by and large we're seeing that in the economy as a whole.Stephen Stanley
The indicators of prices ... are beginning to point more clearly toward inflation pressures.
Stephen Stanley
The 'economy is weakening' crew will have a field day with this report. But until we see two weak numbers in a row, I am absolutely unconvinced. . . . Disappointed Definitely. Changing our big picture view No.
Stephen Stanley
The big picture is still that 10-year yields are up 100 basis points (1 percentage point) in basically a month, so to see a 5- or 10-basis-point pullback is not a big deal. It's just a wiggle on the charts. You will get wiggles here and there, and whether it's driven by surprises in economic data, or in geopolitics, oil prices or stocks is anyone's guess.
Stephen Stanley
Today's report should convince most market participants that the March softness in the data was primarily a one-month phenomenon. Sounds like a recipe for continued 25 basis-point rate hikes for the foreseeable future.
Stephen Stanley
I do not expect to see the Fed let its guard down on inflation any time soon even though the worst fears of energy pass-through have not come to pass.
Stephen Stanley
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