The statement gives the Fed options either way.
If sentiment stays at this level -- it might even decline further -- you should expect a serious slowing in second quarter and third quarter consumption.
For now we are inclined to view this report as a fluke. It is too early to expect payrolls to weaken. But it supports the cause of a pause in rates in June unless more than 300,000 jobs are created in May.
It's pretty clear that people have been really rattled by it. The big question is how much of an impact has it had on spending?
The trend in the deficit has stabilized but it is not falling.
Defense is the first, second and last priority. And when you can shut someone down, it makes everything a lot easier.
We just got off to such a poor start, and against a good team like that you can't play catch-up the whole game.
We've always had obstacles to overcome. But we're a family and we stick together.