Without a doubt, there will be a contraction in the third quarter's GDP of approximately 0.9 percent, ... Given the slow start in October, the most likely scenario calls for a larger contraction in the 2.8-percent range in the fourth quarter.
More Quotes from Sung Sohn:
We're still losing jobs, but the rate of loss is expected to slow, ... That, hopefully, will be viewed that the economy is starting to improve.Sung Sohn
The rate cut could be temporary, but in these times of crisis, I think it's not inappropriate,
Sung Sohn
We knew the data collected after the attack was going to be weak, but I was a little dumbfounded by the fact that the numbers even before the attack were awfully weak, ... Even before the attack, the economy seems to have relapsed into the doldrums.
Sung Sohn
We have a situation where the baton of economic growth needs to pass from consumers to businesses, but that hasn't happened yet,
Sung Sohn
This cut ... won't do much good to perk up economic growth, ... Now, bond yields should be trending up. The Achilles' heel of the economy, business spending, won't be affected much by this cut.
Sung Sohn
I think the Fed is pretty much done for this economic cycle, unless some major catastrophe develops, such as a messy war in the Middle East or a housing bubble bursting.
Sung Sohn
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