Ian Shepherdson Quotes

We doubt that this report unambiguously points to slower growth ahead --but it does mean no rate hike on (Aug.) 22.

- Ian Shepherdson

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Doubt | Report | Unambiguously | Points | Slower |

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The details are close to our expectations, though consumers' spending, up 5.5%, was a bit stronger than we expected. Overall, solid domestic final demand, but the second quarter will be much weaker. - Ian Shepherdson

We expect further gains over the next couple of months in the wake of the plunge in gasoline prices. If we're right, the data will signal first quarter consumption growth of the order of 4 percent. - Ian Shepherdson

His conclusion, in essence, is that much of the productivity explosion of recent years is permanent, but there is a risk that there is significant cyclical element too. Unfortunately, this leaves us none the wiser as to his intentions at the next (Federal Open Market Committee) meeting. - Ian Shepherdson