If under these circumstances the F.O.M.C. is prepared to keep going, then this means that the committee is more worried about the longer-term risk of higher inflation than the shorter-term risk of a collapse in growth.
More Quotes from Edward McKelvey:
Is the market concerned about it Yes. Is it a significant concern I doubt it.Edward McKelvey
Trade is a drag (on growth) and that tends to hit manufacturing harder than the rest of the economy.
Edward McKelvey
The really surprising thing is the lack of inflation given this kind of growth.
Edward McKelvey
We had expected an upward revision in the second-quarter G.D.P. estimate on the basis of other recently released data, ... but trade kind of goes in the opposite direction.
Edward McKelvey
In our view, the financial markets are much too complacent about what a decision to keep tightening means at this juncture.
Edward McKelvey
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