Anthony Chan
Anthony Chan
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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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This is an economy coming back, but it's going to be a moderate recovery. But we should not despair, since a balanced recovery has the best chance of turning into a longer-lasting recovery.
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Despite the fact that the unemployment rate remains low relative to prior economic downturns, the burden on the unemployed population has been the most severe, by one measure, since at least 1972.
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Since the beginning of this year, the economy has been recovering gradually....In that environment, a gradually rising stock market would be justified. Instead we got a sharp decline. Can we justify this rally? Absolutely....But we can't justify a thousand-point increase every week.
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This report is actually quite favorable for financial markets since we see very little inflation pressure while simultaneously seeing job creation inching up,
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I would say that momentum (in the housing market) probably will not continue, since you don't see the same strength in permits that you do in construction,
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Inflationary pressures are starting to percolate --and the Federal Reserve is going to react to this.
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Everyone knows that consumers cannot carry the economy indefinitely on their own, and this report provides some hope that the long-awaited capital spending recovery may not be too far off.
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The bidding fever that was present a year or so ago has all but disappeared, and that's another sign that this market is slowing.
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The best way to read the numbers is going to be to average the two months' data because the hurricanes are distorting the wider picture, ... But excluding the hurricane effects, we're doing 190,000 to 200,000 new jobs a month and that's quite healthy.
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The best way to describe this report is 'holy cow,' ... This is a great report. We have Alan Greenspan a little bit worried about inflation and certainly the financial markets will realize that those worries certainly continue to prove to be unfounded.
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The average hourly earnings figures were truly the spoiler of this report, ... It tells us that the Fed may now have to start becoming more vigilant about upcoming price pressures.
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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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The retail sales figures clearly prove that betting against the consumer is a sucker's bet. Not surprisingly, the ex-auto figure on retail sales tears down the argument that consumers are only buying cars and houses.