We're seeing both the quantity and quality of the jobs being created improving.
The prices paid is still way up there, inflation is still running a little hot, enough that the Fed will continue to raise interest rates.
I think we'll see gas prices rise earlier than usual and faster.
We do not view this as anything more serious than a much-needed correction.
The Fed has to conduct a bit of a high wire act. If rates were to rise quickly that would put part of the economic expansion at risk, particularly residential construction and commercial development.
The federal response has been much larger than we thought it would be, ... And the money is being spent much more quickly.
(The Fed) would rather see slower economic growth over the next two years than the return of stagflation three or four years down the road. And I think they'll do everything they have to make sure we don't have stagflation.
The Fed will probably cut rates in both August and October by 25 basis points (a quarter-percentage point) each. We really don't know what they will do beyond that.
We're shifting from an economy driven by consumer spending and home building to one driven by business investment.
A very high proportion of that job growth is occurring in high-paying professions. This is a demand-driven market and demand vastly exceeds supply.
