Particularly with the recent jump through energy costs, real wages have fallen behind a little bit. The financial markets are too quick to assume that higher wages result in inflation. That's not true at all.
More Quotes from Mickey Levy:
Clearly, wage increases are tilting upward. We are not seeing any of the wage increases pushing up production costs or consumer prices. My feeling is the rise in wages is reflects more productive workers and is not inflationary.Mickey Levy
The critical question is how much the White House listens to Greenspan.
Mickey Levy
Production and employment always follow demand, and we've seen a pickup in demand. I think this will translate into a better labor market in May or June. I know the employment reports have been disappointing lately, but be patient.
Mickey Levy
I'd say this doesn't provide any evidence for an interest rate move one way or the other.
Mickey Levy
He spoke in detail about some fairly complex issues. The broader plan is to conduct monetary policy based on rigorous economic analysis and hard thinking about the economic concepts that go into the conduct of monetary policy.
Mickey Levy
The way to look at it is that demand is very strong and there is a slight moderation in the rate of growth.
Mickey Levy
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