Clearly good numbers, reinforcing the Fed view that much of the spring rise in inflation was 'transitory' - but good CPI numbers alone will not stop rates rising slowly.
More Quotes from Ian Shepherdson:
After 911, the index made up all the ground lost, and more, by January '02. This seems as good a guide as any now, though in the meantime we expect a couple of very rough months for consumers' spending.Ian Shepherdson
The Fed is now explicitly conducting monetary policy with the aim of supporting stock prices,
Ian Shepherdson
Even though most people displaced by the storm are still away from their homes, Labor Department officials have been helping people make claims from their temporary accommodations.
Ian Shepherdson
While claims at 350,000 or so would not be a disaster, they would be consistent with (monthly) payrolls trending at only about 125,000 -- not enough to push the unemployment rate any lower.
Ian Shepherdson
Given the huge decline in consumer confidence, this (gain in spending) does not seem unreasonably weak, especially with consumers' real after-tax income growth slowing too.
Ian Shepherdson
The key number in this report, in our view, is the rise in the supply of homes for sale. There are now 14.4 percent more homes for sale than a year ago, while actual sales are up just 3.3 percent. With mortgage demand slipping a bit and supply rising, price gains cannot continue at their current pace.
Ian Shepherdson
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