Sherry Cooper
Sherry Cooper
Sherry S. Cooperis a Canadian-American economist. Cooper is currently Chief Economist for Dominion Lending Centres. She was Executive Vice-President and Chief Economist of BMO Financial Group, with responsibilities for economic forecasting and risk assessment. She comments regularly in the press on financial issues...
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We wouldn't want everyone to go running out and dump all their investments and bury cash in their mattresses, because it would only accelerate the crisis - at least the financial crisis. But I don't believe people would do that anyway.
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Financial markets want the Fed to signal possible easing ahead due to the growth slowdown and stock market declines, ... However, the Fed will be reluctant to do that while CPI core is still accelerating.
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While we would not get too excited, these data are just the right stuff to further trends already under way in financial markets. Whispers about Fed easing are sure to follow.
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Investors appear to view the growing shortfall as a natural by-product of robust U.S. growth and not a sign of flagging competitiveness, ... The concern for financial markets is that if this view ever changes, the fallout would occur rapidly.
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The Fed might have been in a dilemma if signs of slower growth were coupled with signs of a wage/price spiral. However, that is emphatically not the case. The underlying inflation outlook is not a problem for the Fed or the financial markets.
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This report will not change the Fed's view on the inflation outlook -- they will keep rates low for still some months to come.
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This report does not give the Fed clear guidance that core inflation's rise in the PPI is topping out. It does, however, hint in that direction.
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There has obviously been quite a bit of dissension as to the governmental policies, the slashing in fiscal expenditure, potential tax increases, as well as the astronomical increases in interest rates.
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U.S. consumers are feeling the benefits of higher incomes and are spending more to reflect their good moods, ... Buoyed by record confidence, income growth, and a super-tight jobs market, the consumer is showing no signs of slowing and should continue to propel the U.S. economy.
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Birth rates would plunge and the average age of the population would increase significantly.
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While this report yielded few surprises, it simply highlights the relentless strength in the economy and provides more ammunition for the Fed to continue tightening policy,
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While the rise in core prices is a bit uncomfortably high, this stand-alone report is not evidence that soaring energy prices are feeding into other prices.
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There is no realistic sign of economic weakness on the horizon and wiggles on Wall Street are, evidently, not causing much anxiety on Main Street. The confidence surveys cast doubt on the slowdown view.
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I do not want to generate fear unnecessarily,