Stephen Gallagher Quotes

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.

- Stephen Gallagher

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Unit | Labor | Costs | Moving | Fanning |

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It may be even more that one (rate hike). If they move once there is always another chance for another one, but I think the message that we got from Greenspan today is that it will not be an aggressive increase in rates. - Stephen Gallagher

The Fed is worried about pass-through, and even if they don't see it in the September numbers it won't make them feel secure about the future. This will help the markets remain confident that inflation is low but not necessarily convince the Fed. - Stephen Gallagher

The inflationary implications drawn from the combination of exceptional growth and higher inflation could become more ominous when we incorporate the tightening labor market trends. - Stephen Gallagher