Hugh Johnson
Hugh Johnson
Hugh Johnson OBEis a British author and expert on wine. He is considered the world's best-selling wine writer. His 1961 tasting of a bottle of 1540 Steinwein from the German vineyard Würzburger Stein is considered to potentially be one of the oldest wines to have ever been tasted...
ProfessionNon-Fiction Author
Date of Birth10 March 1939
almost bet fed move raise rates sure
It was almost a sure bet that the Fed was going to raise rates in June. Now it's almost a sure bet, say 50-50 at least, that they won't move in June.
earnings economy move questions raises serious time toward
Every time (crude prices) move toward $50, it raises serious questions about the economy and earnings in 2005.
clear earnings economy level oil price questions raises serious
The price is down some, but it's clear that oil is at a level that raises serious questions about the U.S. economy and earnings going forward.
additional along clear continue difficult economy energy federal higher interest passed pressure prices raise reserve strong
It's very clear that higher energy prices are now being passed along to consumers, and it's not difficult to do that when the economy is as strong as it is. This will put additional pressure on the Federal Reserve to continue to raise short-term interest rates.
accepted both change conclusion employment fed june market matter raise rates reasonably report
It's a reasonably accepted conclusion that the Fed will raise rates in both June and August; that's what the market has discounted. I don't know if Friday's employment report will change that, no matter what it says.
again excuse following interest knowing last likely march meeting profit raised rates strong taking walked week
It is a down week after some predictable profit taking following a strong January. But the excuse for that profit taking was the Fed. We walked away from last Tuesday's meeting in which they raised interest rates, knowing that they will likely raise rates again at their March meeting.
conclusion debate raise rates whether
I think it's a bygone conclusion that they will raise rates in January, but there's also debate about whether they'll raise rates in March.
fed life raises rates three
If the Fed raises rates three times, they're not doing it just to have fun. Life is good.
basis changes early federal inflation interest likely meet next points raise rates reserve signs telling various warning
I don't think it changes anything for Federal Reserve policy. Various early warning signs of inflation are still telling us they have to raise interest rates by 50 basis points and they are likely to do so when they meet next week.
driving federal good inflation interest market problem raise reserve theme underlying
The underlying theme that's been driving the market is that inflation is a problem and the Federal Reserve is going to raise interest rates, and that's not good news.
comments conclude decline fairly fed however interest led meeting oil raise rates upbeat
The combination of a decline in oil prices, however slight, and some fairly upbeat comments (by Fed officials), may have led Fed watchers to conclude the Fed may raise interest rates at its meeting in May, and then stop.
continue federal housing interest knows low market policy possibly raise rates reserve starts worried
The market is worried that the Federal Reserve will continue to raise interest rates well into 2006 and possibly make a policy mistake. If you look at housing starts they're very strong. Everyone knows the unemployment rate is low and the Fed is uncomfortable with that.
globe markets worry
When all of the markets around the globe simultaneously go down, that's the message. That's what you have to worry about.
became believer built buy debt everybody stocks
These stocks are so extraordinarily overvalued, and a lot of debt was built up to buy them. Everybody became a believer and had to be on board.