There is sufficient upbeat news on the economy to convince the FOMC to tighten. If the economy warrants a rate hike, the Fed would be doing a great service by delivering.
More Quotes from Stephen Stanley:
The economy is still growing at an above trend pace and with slack in labor and product markets all but fully absorbed, inflation pressures will begin to gradually build this year.Stephen Stanley
One-year inflation expectations spiked from 3.1 percent to 4.6 percent, by far the highest reading since 1990.
Stephen Stanley
The crux of the statement was unchanged (from the last meeting). They said that policy remains accommodative, but that the central bank will respond to changes as needed. That's been the mantra since the tightening period began last June.
Stephen Stanley
It is never a happy day for the Fed when GDP is revised down and inflation is revised up.
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
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