Joshua Shapiro Quotes
We continue to expect the Fed funds target to reach 5 percent in the second quarter of next year, which is where we see the tightening process ending. Comments from Fed officials suggest that they expect only a temporary hit to growth from higher energy prices, while concern about a drift up in core inflation is increasing. 
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Well, with gasoline well over $3.00 a gallon in most places when this survey was conducted, it is little wonder that consumers were cranky.
- Joshua Shapiro
Clearly, as this sales data and also the mortgage application data show, there is plenty of strength still in housing. However, is this, as we speculate above, fence-sitting buying ahead of perceived rate increases, or can this pace be maintained as buyers think that low rates will last for the foreseeable future?
- Joshua Shapiro