Ian Shepherdson Quotes
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. 
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Conclusion | Essence | Productivity | Explosion | Years |
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We believed the underlying level of claims peaked in the spring. This suggests that they may now genuinely have begun to decline.
- Ian Shepherdson
The Fed's minutes do not change the near-term outlook for policy despite the strong market reaction. Clearly there is some debate as to how much further tightening will be necessary, as the minutes say the number of hikes will likely 'not be large,' but 'large' is undefined. This does not read like a Fed where everyone is looking for a reason to stop.
- Ian Shepherdson