If you've had very quick home-price appreciation, you don't have to raise rents too much. But if home-price appreciation slows, landlords will have to raise rents to start to cover that negative cash flow.
More Quotes from Steven Wood:
The sharp slowing in domestic demand has dramatically reduced imports. Weakening economic activity in our major trading partners has significantly reduced the foreign demand for American-made products.Steven Wood
While good gains in productivity are economically favorable, it is not a good situation when this occurs because labor input is declining more rapidly than output.
Steven Wood
Although productivity is not likely to return to the supercharged pace of last year, it is likely to settle in comfortably above the 1.5 percent average pace during the 20 years before 1995,
Steven Wood
Retail sales have slowed over the last six months in response to the slower pace of job creation, higher rates, and increased volatility in the stock market. Indeed, in the past two years there has been tight relationship between the Nasdaq and retail spending, suggesting further spending weakness in coming months.
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Higher claims suggest slower job gains, which should dampen income growth, consumer spending, and overall economic activity.
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Clearly, the best news on inflation is past. These data show that households were spending aggressively last year and that there is a great deal of spending momentum coming into 2000. The Fed needs to tighten now, and they will.
Steven Wood
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