The Fed has assumed that the weakness in the first quarter was temporary. This confirms that. The reasonable view was you don't have a one-third rise in energy prices without consequences.
More Quotes from Steven Wieting:
Many of the understandable sources of recovery have been expended in the first half of 2002, leaving growth drivers into 2003 a mystery.Steven Wieting
Exports were flat for a second month running and that has been what is most broken in the trade picture.
Steven Wieting
Friday's number is not going to make much of a difference for the outlook for the economy.
Steven Wieting
He has time over time noted a single month of economic data is a poor guide to the future,
Steven Wieting
This gain in proprietors' income is small-business job creation, we think, and it's more useful at this point in the business cycle than it would otherwise be,
Steven Wieting
The fact that we can lower living costs at a time when output and income are recovering should be considered fantastic news.
Steven Wieting
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