Anthony Chan
Anthony Chan
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Even though people thought this was a great opportunity to take the word 'measured' off the table, he didn't do that, ... It suggested that he was not at this point prepared to endorse the Fisher hypothesis. I think he's trying to make sure the Fed doesn't box itself in.
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The auction also showed that foreign appetite for our securities remain voracious, which in itself is another positive sign.
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There's a huge hurricane hangover. I think the government will have to trip over itself to decide whether to have a huge downward revision to last month or whether the job losses will take a bigger hit this month.
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This is an exciting number, but it was warmer in November than usual. The warm weather is the equivalent of zero-percent financing on automobile sales. You're going to see this work itself off in months to come.
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All this stimulus is going to work, ... just not overnight. It's probably going to take a couple of quarters to work itself out.
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What the Fed showed was that extraordinary circumstances require an extraordinary strategy. Not only are they moving rates to lows not seen since the early '60s, they're prepared to move them a lot lower.
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We will see more bad news on the employment front. We see unemployment going to 6.1 percent or 6.2 percent before it's over; no way are we going to see that coming down while we're creating so few jobs.
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These claims numbers confirm the notion that things may improve sometime in the future. The fact that we didn't go over 400,000 was very encouraging.
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These results suggest that the current low energy prices should serve as an important and positive boost to overall economic growth.
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The stock market didn't want the economy to grow too quickly because they were worried about aggressive rate hikes, ... They wanted the Goldilocks approach where everything was just right. But now they realize that maybe the porridge is a bit too cold for their taste.
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The small improvement in labor market conditions, despite the continued risks that remain on this front, do suggest that even with all the caveats that Greenspan echoed in his latest testimony ... the Fed might be inclined to move towards a neutral risk bias.
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The significant number of headwinds such as rising energy prices and the prospects of rising short-term rates are taking their toll on the economy,
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I still don't think they'll lower rates, but this tells me they're prepared to lower them at the first sign of trouble.
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It would have been a lot more comforting to see greater strength in the ex-auto component than in the headline figure.