Will Gregory
Will Gregory
William Owen "Will" Gregory17 September 1959) is an English musician and record producer. He is best known as the lead keyboardist, producer, and composer of the electronic music duo Goldfrapp...
attention fed inflation paying problem
Inflation is not a problem right now; that is not really what the Fed is paying attention to.
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That's certainly going to be the critical number. A number indicating employment growth, particularly increases in wages, could prompt the Fed to move by the end of this month.
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the Fed is going to want to take the more cautious road. Two months is an awful long time to wait to react to evidence, particularly if that evidence indicates the economy is starting to heat up again.
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Do they really want to end the party? Of course not, ... They want to tone the party down before something gets broken or damaged, or worse, before someone gets hurt. It's similar to a marathon: if you pace yourself properly you can get to the end without overexertion. That is what the Fed is trying to do here.
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We found weak or non-existent controls in the process that (the Federal Emergency Management Agency) used to approve assistance payments that leave the federal government vulnerable to fraud and abuse.
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Is there a risk the Fed has tightened too much? Not with the kind of momentum we're seeing in the economy and not with consumer confidence at record highs. People are wealthier, real incomes are growing, the housing market, while slower, is still super strong and the labor market is still super tight. I don't think the Fed is finished just yet.
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As far as the Fed goes, it really isn't inflation on the ground that's a concern, it's inflation down the road. For a very long time, they've offset that with global concerns, but there doesn't appear to be any more world crises to worry about.
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Mortgage equity withdrawal (which keys off prices and rates) is going to ebb substantially and pull consumer spending growth down along with it. When it does, the Fed will pause.
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There wasn't all that much of a surprise there. Clearly the risk is still there for the Federal Reserve to raise interest rates.
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There is no question that the economy is slowing, but it's not exactly shrinking, either, ... We are seeing the first tentative signs of slowing, but you have to remember that we are starting at a very high base of growth. The Fed will still err on the side of caution and restraint.
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When large numbers of poor families started showing up in the central valley of California, and also in Los Angeles, at a time when the federal government was providing very little assistance, then the burden of caring for those new residents fell to those towns and cities, and sympathy dried up pretty quickly.
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With business outlays solid and foreign demand picking up, this will likely keep the Fed in the tightening game through the first half of the year.
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The question for the Fed is what inflation will look like in 12 to 18 months. The U.S. economy is still growing fast enough to use up slack that's out there in the economy, and that could present an inflation threat down the road.
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Over the past several weeks we've moved from pricing in one further move by the Fed to odds favoring two moves.