Robert Brusca
Robert Brusca
far fed housing mean woods
The rise, however, does not mean that housing is out of the woods -- far from it. The Fed is still hiking.
line
This is very, very much in line with the idea we're slipping into a recession.
bad believe brush compare heard listened market news three warning
This market is wiling to brush away bad news because it doesn't believe in it. Compare it to the Three Little Pigs, when there's a warning they say 'we've heard this before.' But one of these days, there is going to be a warning that the market should have listened to.
ahead continued data face fed hike marginal market rates sees turning
This is what the market did in 1974, ahead of a slowdown in 1975, and the Fed continued to hike rates in the face of marginal data turning worse, ... I don't see where the Fed sees 'traction'.
gains inflation toe
This is the way inflation gains a toe hold,
compensate energy eventually fact itself month period prices work works
Eventually you have other prices going down to compensate for the fact that energy went up. But that doesn't work itself out in a month or two; it works out over a period of time.
direction fed huge step wants
It's not good. It's a huge step back for the Fed. It's not the direction where the Fed wants to go. It's unsettling.
absolutely call drive drop everybody fed federal impact knows move reserve time version water
Everybody knows what the Fed is doing, but no one knows which move is going to impact the market. I call it a version of Federal Reserve water torture: a drop at a time and after a while it will drive you absolutely batty.
business costs decide face group higher hiking hurt insurance jobs run small taxes whom worth
There's that group of small business owners, where a lot of the jobs are, for whom hiking taxes will hurt their business. They already face higher heating costs, insurance costs -- at some point, they may decide there are too many costs to run a business and decide it's not worth it any more.
certainly concerned fed recent subdued worried
It's a surprise. Certainly the Fed is worried about inflation, but it has been subdued in recent months, so I wouldn't be too concerned about that.
rate surprise
It's a surprise -- we thought the unemployment rate would be edging up.
clearly dead forces global inflation keeping powerful string trying
It's not that I think inflation will be dead forever, but there are very powerful global forces keeping it low. The bond-market vigilantes are clearly trying to string up the innocent.
build companies economy giving inflate pumping retailers sales willing
This is an economy that is giving contradictory signals. You don't have companies willing to build inventories, which show that they don't have a lot of confidence. Retailers are pumping sales by discounts, but you can't inflate confidence.
fed
This is a Fed that should be headquartered in Egypt, because it's in denial.