Stephen Gallagher
Stephen Gallagher
Stephen Gallagheris an English writer...
businesses deal few great last tolerance
Businesses have been through a lot over the last few years, and many of them don't have a great deal of tolerance for uncertainty.
likely markets reduced result wider
Reduced liquidity in the markets is likely to result in a wider swap spread.
generate holiday level offer power pricing retailers terms
Retailers have no pricing power themselves, as evidenced by all the discounts they had to offer to generate holiday sales. In terms of volume, they succeeded, but not at the level of profitability they would have liked.
burden coming difficult economic immediate shadow task
Coming out of Greenspan's shadow is a difficult enough task for anyone. The burden of that task is complicated by the immediate economic situation.
impact increase looking picking reduced seeing underlying
We're seeing a reduced impact from the hurricanes and we're getting back to the underlying norm. We're looking for about an 80,000 increase in non-farm payrolls in October, and it's still picking up.
changes concerns costs doubt fanning labor moving perspective seen unit view
Unit labor costs moving up is seen as fanning some of the Fed's concerns on inflation, but I doubt from the Fed's perspective that this changes their view very much,