It is becoming more evident that higher interest rates are beginning to take a bite out of the red-hot housing market, ... While today's housing start result exaggerated weakness in the sector, it is yet another sign that the impact of higher rates has pushed housing activity off its peak.
More Quotes from Sherry Cooper:
All in all, the year-over-year trend in income jumped to 6.1 percent from 5.4 percent, suggesting that consumer fundamentals remain very strong, ... Consumer spending remains on a tear.Sherry Cooper
There is no longer a shadow of doubt that the U.S. economy is downshifting rapidly the only question is how deep the slowdown goes, ... We do not expect to see recession in 2001, but we certainly expect to see significantly slower growth with continued moderating inflation.
Sherry Cooper
The cooling U.S. housing sector should apply a dampener to consumer spending as 2005-2006 unfolds, but some of this could be offset by still-decent job growth.
Sherry Cooper
The bank's new focus is likely to be on rising wage pressures, but that still seems a distant inflation threat at this point. On balance, there is nothing here to divert the bank from its gradual tightening course.
Sherry Cooper
High energy prices keep on working their way through the system. The risks remain skewed to a mild up-creep in core inflation during the months ahead, which will keep the Fed on track for another rate hike in March and likely in May.
Sherry Cooper
I'm not worried about inflation per se I'm worried about inflation in asset prices. When the Fed has been aggressively easy in the past, it's ended up having to come in and aggressively raise interest rates and cause a lot of unnecessary dislocation.
Sherry Cooper
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