So this continues a pattern where the economic community seems to consistently underestimate the strength in the economy.
More Quotes from Jim Bianco:
The problem with the Greenspan Fed is that it has been a 'make it up as you go along' Fed. There is no philosophy with Greenspan. He changes his mind about all of this stuff.Jim Bianco
While the (producer-price) number is positive, one number cannot offset four months of strong numbers. If we get more weak numbers, we could push the idea of a Fed tightening away, but this one number won't do it. I think that the idea that the Fed is going to move is still very much on the table.
Jim Bianco
The news doesn't come much better than this.
Jim Bianco
Greenspan has done a good job of morphing himself into the nation's chief economic officer and chief investment officer. He's been elevated to the status where we can't cut taxes unless Greenspan says we can cut them.
Jim Bianco
What we can do is take the core rate of PPI and combine it with last week's 5 cent-an-hour jump in average hourly wages and say that inflation looks like it is a concern, maybe not a problem yet, but a concern. And the Federal Reserve was justified in raising rates and may be justified in raising rates again in the May or July meeting.
Jim Bianco
We're seeing a bubble bursting in the bond market. It was way overdone there was really no justification for bonds being at such a low yield.
Jim Bianco
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