This number comes completely out of the blue -- there has been nothing in the anecdotal or survey evidence even hinting at such a massive rebound,
More Quotes from Ian Shepherdson:
The chairman will likely tell the House Budget Committee that conditions are set for recovery.Ian Shepherdson
Both the unemployment rate and wages were stronger than consensus and they clearly make it very difficult for the Fed not to raise rates by a half percentage point.
Ian Shepherdson
There was no comment on future Fed policy, but ... with no inflation risk, Mr. Greenspan can wait until recovery is secure. In the meantime, rates are on hold.
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
The Fed will likely ease on Nov. 6, but the Beige Book has not changed the odds, ... And it tells us nothing about the future of the economy or Fed policy.
Ian Shepherdson
The message from these claims numbers is strong and clear. The labor market is extremely tight.
Ian Shepherdson
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