We did see a big recovery in (producer) prices, but that was primarily in energy. Core prices increased only modestly and that's good news for the Fed.
More Quotes from Gary Thayer:
These numbers show the economy is indeed in recession, and they leave the door open for the Fed to cut rates again.Gary Thayer
It's a good number for the economy. Labor markets are improving, and that increases the likelihood that the economy will remain strong.
Gary Thayer
The Fed will overlook the strength in the economy before Katrina and focus more on getting the economy back on its feet and probably will hold policy steady until we see how the economy is actually dealing with the shock of lost jobs and high gasoline prices resulting from Katrina.
Gary Thayer
These numbers look as if there's no urgent need to raise interest rates much further.
Gary Thayer
It's sort of a good news-bad news situation though, because if it gets out of hand, it can create other problems for the economy.
Gary Thayer
The (February) manufacturing report was a little better than expected, showing continued growth in manufacturing.
Gary Thayer
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