Bill Cheney Needs Quotations

Weak employment growth but higher hourly earnings point Greenspan and the Fed in two different directions. Either the economy is slowing down and the Fed needs to sit tight, or inflation is starting to take off and another tap on the brakes may be necessary.

The economy is neither roaring nor stalling; it's clearly out of the soft patch and moving along at a decent pace, and that's all the Fed needs right now.