The bedrock of consumer spending and confidence is employment. The expectations of more jobs has boosted consumer confidence.
More Quotes from Sung Sohn:
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.Sung Sohn
The central bank runs the risk of raising the interest rate too fast. Historically, the central bank had overreacted to inflationary pressures, contributing to economic recessions.
Sung Sohn
The loss of confidence in the financial reporting of Corporate America could hurt both consumer and business spending, ... The reduced availability and higher cost of credit, as well as the desire to strengthen the balance sheet, could cause firms to postpone capital spending plans and accelerate layoffs.
Sung Sohn
Inflation is not an issue right now. However, it could be in the future. The Fed will begin to worry about inflation because monetary policy affects the inflation rate with a lag of as much as 18 months to two years, so they need to worry about it now.
Sung Sohn
I doubt that, just based on Friday's number, they'll pull the trigger. They'll want to see a sustained period of inflation before they do that.
Sung Sohn
We're going to get an economic boost from not only production, but from inventory buildup during the current quarter, and probably for the balance of this year.
Sung Sohn
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