Estimates have to come down, ... We're in for an ugly preannouncement season.
More Quotes from Steven Wieting:
Consumption is growing, government outlays are growing and the third quarter will look very strong. But going forward, business spending is flat and decisions are being deferred. That can keep us weak for the near term -- neither contracting nor expanding.Steven Wieting
There is no change in course, and markets have already priced in more action.
Steven Wieting
Year-end financial markets can be difficult, and winter economic data is difficult to read, ... It makes more sense that December will be month they skip. You don't want to be raising rates into what can be an illiquid market.
Steven Wieting
The reaction to this data in the past would have been much more positive. These days only bad news is carrying weight.
Steven Wieting
It takes a lot of confidence to buy cars and homes people don't make that kind of decision on a whim.
Steven Wieting
It's one of those rare Goldilocks reports, ... The idea here that there is still potential slack, the pool of available labor.
Steven Wieting
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