$200 billion Treasury purchases from the Fed would have been widely viewed as a massive distortion, but foreign central banks doing exactly the same thing is quietly sanctioned and encouraged by U.S. policymakers, |
(Greenspan's) comments on the economy regaining traction included a range of examples, but all of them have caveats attached, and none are that convincing, |
All in all this is very much second-tier data, but the overriding impression is that any slowdown is at worst modest, |
As outgoing Fed chairman, he's clearly concerned about the asset cycle and the prospect the low concern on credit risk is going to be associated with a decline in asset prices down the track, |
Clearly the economy had a good head of steam on it right through the hurricane period. |
Employment slipped for the third time since November, and is now back below October levels, ... Since weakness in services employment has dominated the soft employment trends in this cycle, this data will tend to deflate rising expectations of a decent payrolls number. |
For the Fed, I don't think it changes much. It's not weak enough that it would change their measured tightening path. |
He seems to be more forthright in seeing a willingness to cut interest rates in the future than expected, ... It is uncharacteristically blunt. |
His comments fit with the basic idea of a pause at a 5% or perhaps 5.25% funds rate - more likely the former, but with no presumption that this will be the peak in rates. |
Housing may be topping at the same time as consumer confidence is hurting from energy prices. |
I don't think people want to stand in the way of this even if they believe there's underlying value. With equities giving it a kick, you're getting more selling pressure as well. |
I don't think per se jettisoning Snow would be seen as dollar negative. The mere fact that we've got a change of guard isn't necessarily dollar negative. These things happen. Presidents do change personnel. |
I think (Fed officials have) found that they're in a lucky position where the inflation numbers are good enough that it's bought them some time (to postpone rate hikes), |
I think the only clear sign that would really tell you that inflation should be rising at this point is, of course, the rise in hourly earnings, ... But at this stage, from what we've seen, corporations seem to be taking it in terms of lower profit margins and, therefore, not necessarily pushing up prices. |
I wouldn't rule it out. |