The economy is one ugly event away from contraction.
More Quotes from Ethan Harris:
Usually the federal government takes a much more limited role in natural disasters.Ethan Harris
Fed officials ... likely anticipated some fallout in fixed income markets, ... We believe ... that Fed officials wanted to signal a greater probability of tightening in 2004 than had been priced into markets.
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
With few signs that consumer prices are about to break to the upside ... along with signs that aggregate demand remains robust, we expect the Fed will not only vote to keep rates constant, but will leave the growth and inflation bias statements unchanged.
Ethan Harris
What happened is that initially the market breathed a sigh of relief when the storm was downgraded to a Category 4 and missed New Orleans, ... they are starting to look at the damage more seriously. We are seeing further upward pressure on oil prices. People are starting to think about the many aspects of the destruction here.
Ethan Harris
The stronger data virtually assure significant changes in the Fed's directive this week, ... The new directive will probably include a grudging acknowledgement of the stronger labor market and inflation statistics.
Ethan Harris
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All flowers in time bend towards the sun, I know you say there's no one for you, But here is one.
Jeff Buckley
Seriously. I'm not very bright, and it takes a lot for me to get a concept - to really get a concept. To get it enough that it becomes part of me. But when it happens I get real excited about it.
Alton Brown