Diane Swonk
Diane Swonk
adding certainty chaotic
It's all part of adding certainty in a chaotic situation.
effect running slowing winter
We weren't running our heaters very much this winter and this would have the effect of slowing down production,
fed sure today
What the Fed told us today is, we don't think we are done yet and we are not sure when we will be done.
both crippled economy efficient energy expected growth katrina less quarter remarkably resilient response shocks
It was an extraordinary quarter for productivity growth. Katrina was expected to lop off growth and give us a crippled and less efficient quarter. Instead, it showed how remarkably resilient the U.S. economy was both in response to the hurricanes and the energy shocks that accompanied them.
behind creep inflation pressure pressures
Is the pressure on inflation behind us? I think not. Inflationary pressures are not going to surge overnight, but they'll creep up.
bad clearly concerned cycle difference fed gets good growth overly stage
There's a difference between good growth and bad growth at this stage of the cycle and this is clearly not the kind of inflationary growth that the Fed gets overly concerned about,
driving early economic growth less means played playing role twice
Even more than the early 1990s, this is a jobless recovery. Productivity growth is playing twice the role it played in the early 1990s in driving economic gains, which means less payrolls growth.
basis fed given good hesitate insurance policy question reason spend
There's no question that, given the right circumstances, the Fed wouldn't hesitate to spend 175 basis points. But they really have to have a good reason to put an insurance policy out there.
hand reactive reason tip
There's no reason to tip your hand because they are in a reactive phase.
gained raise saying
There's nothing to be gained by saying anything right now, ... there's a lot of uncertainty... over how long it will have to raise rates.
absorb blows economy fed labor market strong
Like what the Fed has suggested, the U.S. economy was more than strong enough to absorb the blows of Katrina. The labor market is still pretty resilient.
brought losses nation recover wealthy york
We are a wealthy nation that rebuilds and fortifies. Ultimately, New York is going to more than recover the losses that this brought on.
clearly fed insurance risk saying willing
I think this is clearly the Fed saying 'we're willing to take out an insurance policy, we're not willing to risk recession',
I don't think we're gong to get any more at all.