The Federal Reserve engages in a series of rate hikes at the tail end of an expansion when inflation is accelerating. What the Federal Reserve has done today is they made that less likely and thereby this expansion is more apt to go on as long as the year 2000.
More Quotes from Wayne Angell:
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.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
I've never seen a time when there's been such a blow-up of the kind of risk to the U.S. economy. We've taken a 2 percent trade drag for the first three quarters of 1998 and yet we're still averaging a 3.25 percent growth rate for these first three quarters.
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
Bush has been more open to having more of a bipartisan board than I've seen before. I didn't even give a moment's thought that Clinton would reappoint me.
Wayne Angell
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