What we're looking for is evidence of the corporate side of the economy gaining confidence and making real commitments in its own spending. There, I'd say the news is at best mixed,
More Quotes from Ethan Harris:
The Fed is going to take a cautious approach (because) they're worried about how the consumer will handle higher interest rates, ... We've had recovery nurtured on super-low interest rates. They don't want to shock the patient by withdrawing the medicine too quickly.Ethan Harris
By the fourth quarter, you will continue to have worries about corporate governance issues, a weak stock market and a buildup to war in Iraq leading to higher oil prices -- a lot of negative psychological forces in the economy that will make it very hard to sustain growth going forward,
Ethan Harris
If you're doing budget planning in business, you budget for the downside risks, not for the most optimistic scenario. But the federal government doesn't have to worry too much -- it's the only business that has a blank check.
Ethan Harris
They'll wait to see how Christmas shapes up, and if it's weak, they'll give another rate cut in January.
Ethan Harris
They keep fiddling with the language, and the general tone of the directive keeps getting a little less dovish.
Ethan Harris
This has been a fundamental problem with the Fed's whole approach to policy making, ... By changing their language so frequently, they make it impossible to figure out what they're doing.
Ethan Harris
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