The Committee is placing more weight on current data releases and, therefore, less weight on forecasts of economic activity and inflation. What I'm foreseeing is that the Fed is going to keep on tightening due to the economy being stronger in the first half of the year.
More Quotes from Steven Wood:
There is clear and strong evidence that the factory sector is expanding solidly,Steven Wood
These data indicate that inflationary pressures are largely confined to the energy sector of the economy. Moreover, because inflation is a lagging indicator of overall economic activity, the recent sharp slowing of economic growth should dampen inflation over the balance of the year.
Steven Wood
With the next FOMC meeting only another week away, it is unlikely any of them will tip their hands regarding monetary policy,
Steven Wood
Despite a robust economy and tight labor markets, inflation is still low and steady. These data provide some relief for the Federal Open Market Committee.
Steven Wood
These data are consistent with slower but still solid economic activity.
Steven Wood
The data are consistent with a sharp adjustment in manufacturing activity in response to slowing demand, ... With inventories relatively high and new orders weak, factory activity is likely to remain weak.
Steven Wood
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