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.
More Quotes from 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
The world's central banks have certainly decided U.S. Treasury notes are a better long term investment than gold.
Wayne Angell
Alan Greenspan tends to give a tougher talk in a speech when he is not going to raise rates than he does when he is going to raise rates. He either barks or he bites, and I think he is barking.
Wayne Angell
It reduces the rate of return on that 6.5 trillion hiding in money-market accounts. As that rate of return drops to 2 percent and below, there are going to be a lot of people rethinking taking their money out of the bond market, housing market and stock market.
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
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
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