David Wyss
David Wyss
David Wyss is an American economist. As New York-based Standard & Poor's chief economist, Wyss was responsible for S & P's economic forecasts and publications. He also coauthored the monthly Equity Insight and the weekly Financial Notes. He was on the board of the National Association for Business Economics, Washington, D.C...
cost european next running tourists vacation
Your next European vacation is going to cost a lot more, and you're going to see lot more European tourists running around New York.
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Your guess on where oil prices are going to go is as good as mine. It just depends on the Middle East and who knows what is going to happen there.
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This may mean less change in the Fed statement on Tuesday, and increases the chances of a rate hike in March.
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The bottom line is that we had a very strong quarter of growth.
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This is the continuing story of the rich getting richer. Clearly, the gains in wealth are going to the top end.
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Somebody was going to have to slow the (U.S.) economy down and Asia is now doing the Fed's work for it.
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After September, it was positive for most of the economy except for tourism. Things like car sales came back very quickly. GM and Ford got really scared about sales so they cut prices.
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I think the hurricanes had less impact than we thought they were going to. They had a negative impact, but people were able to shift things around, and critical services came back quicker than expected.
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I think the core trumps the energy prices. We know about energy prices and it's an accident about when they collect price data during the month.
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I think they are struggling with how to let markets know the rate hikes are coming to an end. The problem is that anything they say will get over-interpreted by financial markets.
consumer rest spending
Other than autos, the rest of consumer spending is doing OK.
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GM is the story of U.S. auto manufacturing, and it's the story of U.S. manufacturing that we are importing more and more of what we consume. Manufacturing is becoming a smaller and smaller part of the economy.
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Greenspan is coming to the end of his term and he really wants to get the interest rate increases done before he leaves. He may feel he can't afford to take a meeting off.
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Greenspan has had the most successful tenure in Fed history. He kept inflation under very tight control while avoiding any major recessions.