The US absorbs exports from across the world. So there will be ripple effects, as well as the indirect impact of the oil price.
More Quotes from Chris Probyn:
This was a disappointing number relative to expectations and certainly consistent with the idea that consumer spending is going to be a much smaller contributor to economic growth in the fourth quarter.Chris Probyn
This is a Fed that has demonstrated excellent crisis management skills. But by the time we come to November, the Fed should be able to act with a greater degree of confidence. A pause in November would mean a severe downgrade in the prospects for the economy while tightening in November would show that the effects of Hurricane Katrina were probably temporary.
Chris Probyn
There's now a possibility of a pause whereas last week I would have described the thought as lunacy. But this does not necessarily portend a pause, ... The Fed will be busy in the next two weeks to come up with as much hard information as to the size and duration of the hurricane effect.
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This doesn't look like an economy that's rolling over. This looks like an economy that has shown resilience and continues to move ahead.
Chris Probyn
I think the Fed keeps going as long as GDP growth stays between 3 percent and 4 percent. That would be not too hot to make them go faster or too cold to make them pause,
Chris Probyn
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