Steven Wood Remains Quotations

In the past year, ... the number of people receiving state benefits has increased by more than a million. Although the pace of layoffs has eased, job creation remains nonexistent.

Increased demand in expanding economies abroad and continued robust conditions at home support the production outlook, given the low inventory environment. The Fed is sure to view the economy as expanding at too fast a pace now that manufacturing is coming back and consumption remains quite strong.

Housing activity remains quite robust despite the slowing economy, decline in jobs, and faltering stock market.

Despite rising interest rates and higher energy costs, the consumer remains remarkably resilient.

While this will not force the Fed's hand at this week's meeting, an August tightening remains a real possibility.

Although home buying remains at relatively high levels, and though no longer robust, refinancing activity has slumped. Less refinancing activity should dampen consumer spending.

Although home buying remains at relatively high levels, although no longer robust, refinancing activity has slumped. Less refinancing activity should dampen consumer spending.

These data continue to show that the housing market remains resilient in the face of rising interest rates. This resiliency will make it more difficult for the (Federal Open Market Committee) to slow the economy,

As long as average job creation remains around or exceeds 200,000 and the unemployment rate continues to decline, the FOMC will continue to raise interest rates.