Bill Cheney
Bill Cheney
certainly economy inflation problem weak
There really is no inflation problem right now, and there's certainly nothing in the pipeline, with the economy as weak as it is.
absence current economy inflation moving problem whatever
For now, however, inflation is a problem that we would welcome. Over the short-term, in the absence of any current inflation threats, it makes sense to do whatever we can to get the economy moving again.
inflation problem stage
It's still the same story, that there really is no inflation problem at this stage of the cycle.
aggressive almost certainly credible deal delayed demand effects enjoy farther faster fed monetary problem rates rise seems start year
When demand does start to rebound, the Fed will have to deal with the delayed effects of a year of aggressive monetary stimulus. Short-term rates will almost certainly have to rise faster and farther than seems credible today. Of course, this is a problem that we now feel we would enjoy facing.
chairman fed greenspan money period pumping start third toward weakness
I think we're toward the end of a period of real weakness and, by the third quarter, all the money (Fed Chairman Alan) Greenspan and the Fed have been pumping out will start to be spent.
expect growth healthy next percent totally
I think it's totally a blip. I expect to see pretty healthy growth in 2006. We'll be back to 4 percent next quarter.
jobs looking people worth
People are now looking for jobs because it is now worth looking.
contains dropped force given good hope jobs looking people rising signals work
Rising unemployment, ironically, contains good news. It signals people who had given up and dropped out of the work force are back looking for jobs. Clearly, they have hope there are jobs to be found.
affect amount context disappears energy happens huge interest national prices regardless sort statistics
Regardless of what happens to energy prices and interest rates, homebuilding is going to happen and that's going to affect the national statistics but not by a huge amount ... it sort of disappears in the context of the national economy.
bark concern deficits economic far near record shows simply spark threat trade worse
Record or near-record trade deficits spark howls of concern about the threat posed to the economic expansion, but like inflation, the trade deficit's bark has been far worse than its bite. April's deficit, another near record, simply shows that we are still importing like there is no tomorrow.
accounts alarming clearly data dragging percent related since total
Most of the really alarming data has related to the manufacturing sector, which clearly is slumping. But since it only accounts for about 15 percent of total employment, it isn't dragging everything else down.
actions bona confidence cut demand directly downward edge impact indirectly job lay losses newly recession spending spiral tend
Job losses cut directly into the spending of the newly unemployed, and indirectly tend to have a very real impact on the confidence of those who are still working. If demand falls, firms will lay off more employees, and the downward spiral could put us over the edge into a bona fide recession before the Fed's actions can take effect.
growth job
Job growth has kind of stalled out. It's a puzzle.
clear cutting economic outlook stronger whatever
I think it is clear that, whatever the economic outlook was on Monday, the outlook is shakier now, and there are stronger arguments for cutting rates.