This is really the first post-NAFTA, post-WTO economic recovery we've ever had in this country. Because of the globalization of the labor market, the relationship between economic growth and employment is different this time than it has been in the past.
More Quotes from John Silvia:
Job gains were clearly below expectations and trend. There may be some bounce back next month in specific sectors. Slower job gains may also reflect the impact of higher oil prices and uncertainty in the spring.John Silvia
If they don't move to a neutral position, the bond market will react negatively. If the Fed sits there and reiterates the same risk on inflation, the bond market is going to look at this and say the Fed is way behind the curve.
John Silvia
If you're going to set a price below market price, you're going to have to have some sort of rationing. I don't care if it's gasoline, prescription drugs or rent control in New York City.
John Silvia
Labor costs were one of the key inflation concerns cited by Chairman (Alan) Greenspan in his latest testimony, ... Our outlook reinforces his concern.
John Silvia
You can no longer make the argument that there is a lot of excess capacity out there. The bias on inflation is a little bit to the upside and the Fed has to be careful about that.
John Silvia
Inflation gains remain modest but they are gains. This suggests that interest rates will continue to rise as the Fed raises rates at the short end and bond traders discount trend growth and higher inflation at the long end.
John Silvia
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