It is tempting to blame the softness of core sales on the surge in gas prices, but we think it is too soon for that.
More Quotes from Ian Shepherdson:
There is a specific reference in February to 'the pace of policy moves at upcoming meetings ... would depend on incoming data', suggesting a degree of potential flexibility that was absent from the December minutes,Ian Shepherdson
The upcoming data will soon enough force the Fed to change its stance, otherwise it will begin to look ridiculous,
Ian Shepherdson
There may be some adverse seasonal effects at work in the claims numbers, thanks to the late Easter, but the underlying trend is surely unfavorable, ... A reversal requires a quick and steep recovery in business confidence.
Ian Shepherdson
The Chicago PMI has been very volatile over the past couple of years, probably as a result of the tribulations of the auto industry. As a result it has become a less reliable indicator of movements in the national ISM and the January dip does not necessarily mean the ISM will follow suit.
Ian Shepherdson
After the attack on Pearl Harbor, the New York stock market fell 5 percent over two days. As the United States mobilized and expressed its resolve in the ensuing days, the stock market came back.
Ian Shepherdson
The Fed's Beige Book acknowledges some of the improvement evident in recent economic data, but the tone of the survey could not yet be described as a ringing endorsement of the recovery story,
Ian Shepherdson
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