Stuart Hoffman
Stuart Hoffman
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The results show a stable outlook among business owners for their own sales and profits during the next six months, which suggests they are adapting to higher energy prices and interest rates. Many, however, are taking aggressive steps to counter continued increases in costs for employees' health care coverage, which could mean reductions in benefits for some employees.
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The bottom line is it is a very solid report, but with continued inflationary pressure building up, it will make it easy for the Fed to conclude (Tuesday's meeting) with a quarter-point increase,
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The stock and bond markets are looking at the report and seeing the signs of strength, and they know the Fed is doing the same.
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There will be some uncertainty in the markets building up at the end of the year. There will be some jitters.
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People's wages are going up, but they are not keeping up with inflation.
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People drew some comfort in the smaller-than-expected core index, but I think the core is a bit deceptive.
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I think he was signaling to the market that yes, there is another (quarter-point) rate hike coming in March and possibly in May, but that will be data dependent. He essentially confirmed what the market has already been pricing in, in terms of rate hikes.
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While energy prices are a major concern and price pressures are in the factory pipeline, business is still quite good.
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I thought it was a very favorable number for both Wall Street and Main Street, particularly paired with the upward revisions to the previous two months.
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Growth is stronger, but inflation is less, so it's still that great combination of strong economic growth with even less inflation than expected that's helping bonds.
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If we hadn't had Katrina we'd be saying what a bad hurricane (Rita) was, but in the aftermath of Katrina we're saying, 'Boy, aren't we lucky,'
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When the economy is growing faster and businesses want to replenish inventories and make the kind of capital expenditures, mergers and acquisitions that outstrip their internal financing, then they will turn to banks.
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We've heard some disappointing reports about the final couple of weeks before the holidays, so we won't see as big of an increase in December, ... but when you combine November and December, this is about the best holiday season we've seen since 1999.
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(Tuesday) won't be the last. This is not the sort of cheap and easy (money) period of the past several years.