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.
If I were dying my last words would be: Have faith and pursue the unknown end
Oliver Wendell Holmes
(August 29, 1809 - October 07, 1894)
We don't know much about them at all. But if they're the North Region champions, they've got to be pretty good.
My psychiatrist told me I was crazy and I said I want a second opinion. He said okay, you're ugly too.