Steve Stanley
Steve Stanley
Steve Stanleyis an American music historian, reissue producer, and the founder of Now Sounds, a reissue record label established in 2007 and distributed by Cherry Red Records. Steve has produced reissues of albums by The Association, Janis Ian, The Cowsills, The Mamas & The Papas, The Knack, Ruthann Friedman, Donna Loren, Roger Nichols, Paul Williams, and Tiny Tim, among others. Prior to establishing Now Sounds, Stanley was hired by Bob Keane and co-produced reissues for Del-Fi Records. He later produced...
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We continue to believe that the Fed will keep tightening into 2006 and take the funds rate above 5 pct next year.
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To the extent that the Fed has emphasized how important benign inflation expectations are in maintaining price stability, ... the June results are disturbing.
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He tried as best as possible to stick to the Fed script and to avoid making waves.
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The Fed may need to prove its inflation-fighting credentials because expectations could be shifting a bit. The case for continued rate hikes has become, if anything, more compelling since Katrina,
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All in all, this is significantly more hawkish than I suspect market participants were anticipating. Bond market players have been throwing around theories about a second half slowdown, with the June data creating a huge stir, but the Fed has almost not given that idea a second thought.
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There have been a number of strong offsetting influences on consumer moods so far this month. Obviously, the two biggest negatives are the shaky jobs situation and rising gasoline and energy prices,
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While concerns about the impact of rising interest rates will be a frequent theme of discussion in the press and financial markets, homebuilders and realtors are confident that favorable demographics and an improved economy/job market should help, at least for a while, to compensate for the dampening effect of the upturn in borrowing costs on housing demand,
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Without a doubt, the decline mainly reflects the run-up in gasoline prices.
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Just because people were extremely concerned in the first days after Katrina hit does not mean that spending has fallen apart. Indeed, the weekly chain store sales results suggest that the impact so far has been surprisingly modest.
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I do not view the upside surprise as being terribly significant. There were very few areas of concern within the core.
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No one should have any false hope that the trade gap is going to narrow much or for very long, but at least the speed of the underlying deterioration is less than we thought.
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It is reassuring that the February drop in confidence appears to have been a one-off event rather than the beginning of a trend.
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This raises the odds that manufacturing payrolls may finally break through on Friday and register a gain.
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While many will be disappointed that we will not necessarily see huge upward revisions to payrolls ... a significant upward revision to wages would also be a positive development, as it suggests that consumers have more firepower than we thought.