It boils down to housing affordability mortgage rates have risen, but they're still historically very low, ... We're continuing to see people who had been sitting on the fence jumping in to take advantage of these low rates before they go back up.
More Quotes from Sung Sohn:
Fed Chairman Alan Greenspan would like to see employment gains of 150,000 or more jobs for a few months before dropping the words, 'considerable period'.Sung Sohn
All the pieces are in place to generate healthy economic growth for the balance of the year, ... But so far, political and economic uncertainties have overshadowed the strengthening in corporate profits.
Sung Sohn
Hopefully, by August (when the Fed next meets), we should have a pretty good idea that the economy is expanding. A tax rebate and earlier cuts will be working. If the Fed cuts in August, we will worry more about them overdoing it.
Sung Sohn
Greenspan has to make sure the labor market has improved on a continuing basis before he can even think about hiking interest rates. For example, in 1992, he waited 17 months after the peak of the unemployment rate before hiking interest rates.
Sung Sohn
It's not necessarily a negative, from the point of view of economic growth, ... Even in Washington, D.C., the government work will be made up.
Sung Sohn
That's one of the reasons why consumers are not going on a spending spree, though they're keeping the economic ship afloat. When higher unemployment numbers come out, that will probably rattle consumer confidence a bit.
Sung Sohn
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