We suspect the FOMC will say that while Katrina had a devastating regional impact, aggregate growth should be only temporarily damped.
More Quotes from Kim Rupert:
The yield curve remains steady ... indicating that the upside inflation risk appears to be canceled out by Fed vigilance for now.Kim Rupert
I think were just having a little short-covering ahead of the weekend. We often see a bit of bottom-fishing when the yield is around 4.5.
Kim Rupert
The fact that he didn't suggest any time frame for a pause is going to leave rates biased slightly higher. People still think a yield near 4.7 on the long end is a pretty good deal.
Kim Rupert
We're going to be getting back to normal, with a lot of the panicky stuff dissipating. We're going to begin looking at the data again and what it means in terms of the Fed.
Kim Rupert
Our view is very optimistic. We believe that the tight yield curve is the result of the Fed's continued tightening. We are expecting economic growth of 4 much of this year. That is far from a recession.
Kim Rupert
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