In our view, the financial markets are much too complacent about what a decision to keep tightening means at this juncture.
More Quotes from Edward McKelvey:
Trade is a drag (on growth) and that tends to hit manufacturing harder than the rest of the economy.Edward McKelvey
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.
Edward McKelvey
The really surprising thing is the lack of inflation given this kind of growth.
Edward McKelvey
Is the market concerned about it Yes. Is it a significant concern I doubt it.
Edward McKelvey
The easing the Fed has already done has had a focused and limited effect, mainly on sales of homes and automobiles. It's not clear another rate cut will have much effect. I think fiscal easing is more effective at this point it more directly puts money in people's pocketbooks.
Edward McKelvey
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