Bruce Steinberg
Bruce Steinberg
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.
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.
attitude believe ease fed last rather remarks testimony
Greenspan's testimony was balanced. We believe today's remarks were enough to think that the Fed will take a 'wait and see' attitude rather than ease one last time.
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.
believe continue far fed inflation markets talk
We believe the Fed is done. But even if the Fed is done, it will continue to talk tough, stressing inflation risks, in part to keep markets from going to far too soon.
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.
believe raise rates twice
I believe they are going to raise rates at least twice more after today.
believe declining economy economy-and-economics good happening hard performing rising sign strong time
The U.S. economy is performing so admirably right now, it is hard to believe how good it is. We have strong growth, declining inflation, strong profits, rising real wages. All of these things are happening at the same time and there is no sign that any of this is about to end.
believe earnings next operating performance sector share snap tech worst year
Tech will have the worst performance of any S&P sector in 2001 with operating earnings per share plunging 73 percent. But next year (2002) we believe tech earnings will snap back strongly.
believe brings four increase rate stable
The increase in the unemployment rate, while very large, is really a catch-up, as the rate had been stable for four months. This brings the unemployment rate to where we believe it should be at this point.
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.
assume begin half happen next
We assume that will begin to happen during the first half of next year.
pay
Between you and me, you want to be the only one getting the pay raise, and not everyone else.
easily gains gradually job market percent support
As the job market gradually improves, it should easily support consumer-spending gains of at least 3.5 percent this year.