Chairman Greenspan's comments went further than previous Fed commentary on recognizing the degree of slowing in the economy and clearly pave the way for the Fed to switch to a neutral directive. Moreover, his comments further encourage us in our belief that the Fed will lower rates in the first quarter of next year.
More Quotes from Wayne Angell:
He is not going to give that much of an indication on his own, because this Fed chief is an effective politician.Wayne Angell
We already thought it was very, very strong and consumer spending has been a big factor, but the underlying tone seems to indicate that overall growth is tapering off.
Wayne Angell
This confidence report increases the likelihood rates will be moved down another half percentage point to 2.5 percent. That's going to increase the likelihood of an improvement in economic conditions next year.
Wayne Angell
No one should interpret the remarks as being a prelude for the Federal Reserve raising the Fed funds rate at the December or February meeting. That's not going to happen. If that was going to happen, the chairman wouldn't have made a speech to puncture the exuberance.
Wayne Angell
We're not likely to get the bond yield moving through that 4.75 percent level until we get past all this turmoil that is now in the market.
Wayne Angell
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