They're acknowledging reality. They're saying, 'We'll do what we have to do if future events warrant,' but I still don't think they plan on doing anything anytime soon.
More Quotes from Wayne Ayers:
I think (Fed Chairman) Alan Greenspan has made it all but official, we'll get another rate cut in June, but my guess is a quarter point rate cut, principally because of what we're seeing on the inflation report. The CPI and PPI have been trending up over the last two years.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
The good news is that this is going to go directly to the corporate bottom line. That's a real plus for profits, which means a real plus for corporate spending and the recovery going forward.
Wayne Ayers
Productivity growth helps keep inflation at bay and allows real incomes to grow, but it makes businesses even slower to hire than usual.
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
Inventories are at rock-bottom levels -- even if economic growth slows in the fourth quarter, those inventories will have to be rebuilt, otherwise businesses risk losing business.
Wayne Ayers
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