There has been talk recently about how, because productivity was revised down last year, it would belie the productivity miracle of the recent past. We believe today's data indicate that this is not happening.
Between you and me, you want to be the only one getting the pay raise, and not everyone else.
The complete lack of inflation puts the Fed in a bind. Recent remarks by Fed officials make it seem that they are hell-bent on tightening. But there is not much of a rationale that comes out of recent data.
We have to stay tuned for more economic data.
We don't expect the Fed to tighten anytime soon. The first tightening move is unlikely to occur before late summer at the very soonest.
Greenspan's testimony was balanced. We believe today's remarks were enough to think that the Fed will take a 'wait and see' attitude rather than ease one last time.
We believe the Fed is done. But even if the Fed is done, it will continue to talk tough, stressing inflation risks, in part to keep markets from going to far too soon.
He is extremely optimistic on technology, its impact on productivity and the benefits it has to our economy. We believe Alan Greenspan does not see any burning need to further tighten policy, assuming the economy is slowing as it has been indicating so far.
It's appalling that the police department can enter into a contract that goes against the Constitution.
Today's unemployment data were as expected, showing that we are still in a recession, but that the worst is behind us.
