The fiscal picture wasn't very good before and it's worse now.
More Quotes from Ed McKelvey:
Fed officials do not want to risk overreaction by the markets, ... This would undermine financial conditions at a time when the Fed needs growth to stay above its potential rate.Ed McKelvey
It may just be that, in this slow-motion labor market that we have, a lot of younger people have opted for schooling that will take them out of the job market for a while,
Ed McKelvey
Whenever you have a collapse in a particular output price -- and we certainly saw a lot of that following Asia's decline -- it places a lot of pressure on companies to deal with keeping their revenues up. In that context consolidation isn't a big surprise
Ed McKelvey
Seen in this light, ... the employee discount program was an enormously successful marketing coup.
Ed McKelvey
Movements in the unemployment rate will tell Fed officials whether growth is absorbing unused capacity.
Ed McKelvey
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