Bruce Steinberg
Bruce Steinberg
ease late soon
I think they may ease as soon as late January.
attitude believe ease fed last rather remarks testimony
Greenspan's testimony was balanced. We believe today's remarks were enough to think that the Fed will take a 'wait and see' attitude rather than ease one last time.
economy economy-and-economics grip quite recession recovery verge
The economy is on the verge of recovery but the recession has not quite loosened its grip yet.
alan assuming believe benefits burning economy economy-and-economics extremely further greenspan impact optimistic slowing
He is extremely optimistic on technology, its impact on productivity and the benefits it has to our economy. We believe Alan Greenspan does not see any burning need to further tighten policy, assuming the economy is slowing as it has been indicating so far.
greenspan meetings summers
They've already been working together. Summers sits in on the meetings Rubin has with Greenspan much of the time.
pay
Between you and me, you want to be the only one getting the pay raise, and not everyone else.
definitely economy economy-and-economics growth landing nearly percent prior rate soft viewed year
The economy is definitely making a transition. I think 1998 will be viewed as the year of soft landing when the economy went from a nearly 4 percent growth rate in the prior year, to just over 2 percent this year.
capital data indication provides quite report second spending state
This report provides the first indication of the state of capital spending in the second quarter, and the data were quite strong.
economic stay
We have to stay tuned for more economic data.
anytime expect fed late move occur summer unlikely
We don't expect the Fed to tighten anytime soon. The first tightening move is unlikely to occur before late summer at the very soonest.
basis believe climax continue cut fed market past risk selling
We believe if the Fed does not cut by 75 basis points, there is a risk the market would be disappointed. If the Fed does cut by 75 basis points, we do not think that the selling climax would continue past that point.
assume begin half happen next
We assume that will begin to happen during the first half of next year.
ahead believe job loss mainly major order persist profit recession restore
We still believe that the recession will persist through the winter, mainly because major job loss looms ahead in order to restore profit margins.
august fed initial key path rate timing until
The path of the unemployment rate is the key to the timing of the Fed's initial tightening move. In our view, the Fed won't tighten until August at the soonest.