Bruce Steinberg
Bruce Steinberg
against appalling constitution contract department enter goes police
It's appalling that the police department can enter into a contract that goes against the Constitution.
august determine federal good interest month raise rates tale whether
That's really going to tell the tale of whether the (U.S. Federal Reserve) will raise interest rates or not. It will probably determine whether August is a good month (for stocks) or not.
greenspan meetings summers
They've already been working together. Summers sits in on the meetings Rubin has with Greenspan much of the time.
core fall inflation percent year
In the first year of every recovery, inflation has fallen; and we think the core CPI will fall to 2 percent by year-end.
capital data indication provides quite report second spending state
This report provides the first indication of the state of capital spending in the second quarter, and the data were quite strong.
believe data indicate last miracle recent recently revised talk
There has been talk recently about how, because productivity was revised down last year, it would belie the productivity miracle of the recent past. We believe today's data indicate that this is not happening.
assume begin half happen next
We assume that will begin to happen during the first half of next year.
basis believe climax continue cut fed market past risk selling
We believe if the Fed does not cut by 75 basis points, there is a risk the market would be disappointed. If the Fed does cut by 75 basis points, we do not think that the selling climax would continue past that point.
ahead believe job loss mainly major order persist profit recession restore
We still believe that the recession will persist through the winter, mainly because major job loss looms ahead in order to restore profit margins.
august fed initial key path rate timing until
The path of the unemployment rate is the key to the timing of the Fed's initial tightening move. In our view, the Fed won't tighten until August at the soonest.
entirely initial rate rises
If the unemployment rate rises through July, as is entirely possible, the initial tightening will take place during the fall.
inflation
We don't have any inflation problem. The CPI was a one-time aberration.
biggest billion increase oil otherwise prices rising risk robust shaping sustained
Rising oil prices are the biggest risk to what is otherwise shaping up as a robust recovery. Every $1 increase in the price of oil drains about $5 billion from the U.S. economy, if sustained for a year.
alan assuming believe benefits burning economy economy-and-economics extremely further greenspan impact optimistic slowing
He is extremely optimistic on technology, its impact on productivity and the benefits it has to our economy. We believe Alan Greenspan does not see any burning need to further tighten policy, assuming the economy is slowing as it has been indicating so far.