Gerald Cohen Year Quotations

The core is up 0.3 percent over the last year, and so there really is no inflation, ... In the first year of recoveries, consumer price inflation tends to fall as it did in the past 40 years. We believe inflation should not be an issue for the foreseeable future.

I think the Fed is on hold tomorrow and for the foreseeable future. We've actually been proponents of the view for quite a while that the economy was going to moderate, and it was important for the Fed to be patient. And one of the dangers was if the Fed kept raising rates, that they would slow the economy a lot more than they would want. So we think that there are enough signs of moderation that the Fed will remain on hold, and we think that signs of moderation will continue. So we think the Fed will be on hold through the end of this year and into early next year.