In terms of monetary policy right now, most people expect the Fed to tighten during the next two or three meetings, but it's foggy beyond that. Greenspan didn't really say much to clarify, either in his comments or in the question period. He was appropriately non-committal, and so there's been little reaction from stocks.
More Quotes from Stephen Stanley:
We've had this pattern of strong month, weak month lately. May numbers were weaker and the expectation is for June numbers to be stronger.Stephen Stanley
The consumer never really missed a beat, and now attitudes are beginning to catch up to reality. Once again, watch what they do, not what they say.
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The Fed is, if anything, more concerned about inflation than they are about a growth slowdown.
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It is a little early to eulogize the housing sector. Look for any deterioration in starts, sales, etc., to be more gradual than the weather-depressed December starts tally would suggest.
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What really got everyone's attention was the decline in the unemployment rate.
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If what we see in these surveys is truly the case, then there will be a clash in the boardroom as these two decide how best to move the company forward.
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