Firms are still pretty cautious, given the experience of the past couple of years. But if firms are going to maintain market share, they will have to be competitive in terms of the goods they offer.
More Quotes from Wayne Ayers:
There's no case for no cut at all at this point. There have been better economic numbers, but policy makers expect to see that. If I interpret what they've been saying correctly, this economy could grow 4.5 or 5 percent for a year without putting upward pressure on inflation.Wayne Ayers
If you look at the last jobless recovery, the Fed was on hold for a good, long time. When they did reverse course, the economy had produced 4 million jobs from the trough in the labor market. We're nowhere near that -- even with payroll data revisions, which I suspect will be on the tepid side, we won't be near that.
Wayne Ayers
It's unclear what lower rates would do. If it's really true that productivity and structural changes are causing labor market weakness, it's not clear that another cut in rates would be helpful to the labor market.
Wayne Ayers
I'm not sure Taylor has the political savvy for the job. Greenspan had been in Washington a long time and had a solid reputation. It was no surprise when Volcker was replaced by Greenspan because he was the obvious choice waiting in the wings.
Wayne Ayers
To me, the business cycle is working as it always does, absent an external shock. Inventory liquidation means firms have to increase production, and they're already doing that. They're also increasing the length of the work week and hiring temporary workers. All these things support income and spending.
Wayne Ayers
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