Alan Ruskin
Alan Ruskin
clearly consistent data decline employment meaningful michigan poor trends
Poor employment trends clearly are weighing on sentiment, ... The (IBD) data is consistent with a meaningful decline in the Michigan survey.
bush drawing eventually market might move quite talk towards wall
There's talk Bush might actually eventually move towards drawing in someone from Wall Street, which the market might quite like really.
bought found good inflation lucky numbers officials position rate time
I think (Fed officials have) found that they're in a lucky position where the inflation numbers are good enough that it's bought them some time (to postpone rate hikes),
feels fresh require
It feels to me it will require something fresh to really get it going again.
asset associated clearly concerned credit cycle decline fed low outgoing prices prospect risk
As outgoing Fed chairman, he's clearly concerned about the asset cycle and the prospect the low concern on credit risk is going to be associated with a decline in asset prices down the track,
confidence consumer energy housing hurting time
Housing may be topping at the same time as consumer confidence is hurting from energy prices.
caught market minutes somewhat
These minutes have caught the market somewhat off-guard,
broader certainly picture slowing
The broader picture is there's some slowing in housing. It's certainly dollar-negative news.
asset caught changed fairly far fed felt market markets obvious reaction sharp shock testimony value
There was always going to be some shock value when the Fed changed 'the considerable period' statement, but we had always felt that the change would come when it was fairly obvious that it should, and when the Fed had softened the blow, by alerting the market to such a change, ... As it was, there was no such warning, and the sharp market reaction is testimony to just how far it caught asset markets 'off-side.'
bond broader confused cross influences stick trend view
These cross influences are confused enough that one has to stick with the broader trend that we still view as bond negative.
certainly equation far future good goods inflation pipeline side sign
It's certainly a good sign as far as future pipeline inflation is concerned, ... The goods side of the inflation equation is very encouraging.
change dollar fact guard mere per presidents seen snow
I don't think per se jettisoning Snow would be seen as dollar negative. The mere fact that we've got a change of guard isn't necessarily dollar negative. These things happen. Presidents do change personnel.
change size
There's a sense that the world is changing, no question. But it's the size of the change that matters.
euro led move skeptical upside weakness
The euro led the move ... and the dollar's weakness is broad-based, which is important but I'm skeptical that we're going to get a lot of (euro) upside here.