Cary Leahey
Cary Leahey
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The bond market took this report as a sign that core inflation may be bottoming and the Fed may still be in the tightening business later this year.
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The bond market doesn't really care about the payrolls data now because you're even getting the crazy question asked about whether the Fed can ease.
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It's certainly an impressive number, it's the lowest since early 2001.
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It's an impressive number. It just gives you more confidence that you'll get 4.0 percent plus (increases) in the fourth quarter and you'll hang in there through the first.
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The first quarter is off to a very strong start. This will dominate some of the disappointing numbers we got earlier this week at least in terms of forecasting GDP. It's hard not to have a GDP forecast now that's not around 5 percent or higher.
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The increase in orders is particularly welcome. The bond market may like the fact that the prices paid component dropped 11 points, reversing most of the big gain in November. Analysts are banking on strength in manufacturing next year to offset some of the expected weakness in housing related consumer demand.
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The important thing is not whether the Fed can ease but the fact that people can even ask that question and some intelligent people say if the Fed raises rates in September, it would be a public relations disaster.
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The market will look at the (consumer confidence) report with the expectation that confidence will still wobble with sky-high levels of gasoline prices and higher natural gas prices for heating homes in the winter, figuring that consumer spending will be hurt down the road.
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The Fed might skip (raising rates in) September -- but you have to remember that how the world looks today and how it looks on September 20 could be a lot different -- a lot worse or a lot better.
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We're not talking about large sums of money. It is ironically only worth a couple of dollars to the Social Security check of the average American. They may be able to knock back a cold beer in a cheap bar.