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.
I don't feel pain in my knee, it's OK. I don't have much power in my legs. Battling in the corner, I'm not so powerful like before. I must get more workouts in the gym. I don't have to rush it. I think one more game and I'll be good.
(September 14, 1982 - )
I think it's gotten past the point of frustration for us.
Take the attitude of a student, never be too big to ask questions, never know too much to learn something new.