ECONOMIC DOWNTURN? JIM BULLARD, HEAD OF STATE OF THE ST. LOUIS FED, I PRESUME IT'' S SORT OF AN EXISTENTIAL CONCERN, LIKE IF A TREE DROPS IN THE FOREST >> > > THERE ' S NO REAL OFFICIAL DEFINITION THERE'' S THIS NBER DATING BOARD, BUT THEY'' RE NOT AUTHORITIES FEDERAL GOVERNMENT OR ANYTHING LIKE THAT. IT IS IN THE EYE OF THE BEHOLDER BUT TRADITIONALLY, WE'' VE NOT CLAIMED THAT THERE'' S An ECONOMIC CRISIS IN AN ENVIRONMENT WITH APARTMENT AND ALSO LOW UNEMPLOYMENT AND ALSO SIGNIFICANT JOB DEVELOPMENT AS YOU'' RE POINTING OUT. SO THAT'' S WHERE >> WE ' RE AT > > TWO CONCERNS THAT COME FROM THAT THE FIRST ONE IS TAKE An APPEARANCE AT THE PRICE STRUCTURE THAT WE'' VE HAD M TIN REQUISITES OF IN WHICH THE MAT IS PRICING WE TAKE A LOOK AT NEXT YEAR AND THEY HAVE CUTS CONSTRUCTED IN, AND ALSO A GREAT DEAL OF PEOPLE SAY THOSE ARE THE MARKERS FOR PRINEDICTING An ECONOMIC CRISIS >> > > SOMETHING CONCERNING THE MARKET, THEY ANTICIPATE INFLATION AHEAD DOWN QUITE RAPIDLY NEXT YEAR, AND THEY'' VE BEEN MISDOING ON THIS SO MUCH SO I ASSUME THE MUCH BETTER BET IS THAT IT WILL CERTAINLY TAKE A WHILE FOR RISING COST OF LIVING TO COME BACK TO 2%, IT WON'' T BE AS RAPID AS WHAT THE MARKETPLACE EXPECTS YOU KNOW, WHETHER THERE WOULD BE A RECESSION OR OTHERWISE, NOW I THINK THE 2ND HALF WILL BE STRONGER THAN THE FIRST HALF WAS.SO A GREAT DEAL OF THE SIGNS WILL CERTAINLY GO BACK IN THE VARIOUS OTHER INSTRUCTIONS OF FAVORABLE GROWTH, AND ALSO I BELIEVE LABOR MARKETS WILL HOLD UP QUITE WELL HERE SIMPLY TALKING WITH FIRMS IT SEEMS LIKE THEY'' RE STILL SCRAMBLING FOR WORKERS. >> > > ARE YOU CLAIMING THE MARKETPLACE'' S LONG BELOW IT SHOULD INTEND ON REMAINING AT THE DEGREE IN. LEVEL? >> > > I ASSUME WE'' RE GOING TO HAVE TO BE HIGHER FOR LONGER. NOT SIMPLY A PARTTICK LOWER BELOW R THERE. >> > > IT WAS UP 350 THERE'' S SOME HEDGE FUND MAN WE'' VE BEEN TALKING ABOUT, JOE, WHO STATES THIS MAKES THINGS HARDER, THAT IS THAT GUY? >> > > ACKMAN. BILL ACKMAN. HE SAYS IF YIELDS GO DOWN, FINANCIAL PROBLEMS LOOSEN UP, WHICH IS THE OPPOSITE OF WHAT THE FED NEEDS, SO YOU'' RE GOING TO HAVE TO LEAN HARDER AGAINST THAT >> > > YEAH, IT'' S ALWAYS HARD TO READ MARKETS, BECAUSE THERE'' S ALWAYS FEEDBACK GOING ON BUT YOU COULD READ WHAT THEY'' RE EXPRESSION AS A SIGN OF SUCCESS. WE FRONT FILLED PASSION PRICE CHANGES, 2 BIG MOVES RIGHT STRAIGHT OF 75 BASIS POINTS REPUTATION WAS BROUGHT BACK AT THE RESERVE BANK NOW EXPECTATIONS ARE REDUCED FOR NEXT YEAR, MAYBE A LITTLE TOO LOW, BUT LOWER FOR NEXT YEAR, AND ALSO THAT'' S GREAT INFORMATION THAT'' S MARKET CONFIDENCE THAT THE FED'' S POLICY IS RIGHT AS WELL AS WE'' RE GOING TO OBTAIN BACK TO TARGET NOW A HLOT NEEDS TO HAPPEN BEFORE WE CAN BE SURE THAT ANY OF THAT'' S THE CORRECT METHOD TO CONSIDER IT AND TODAY THE RISING COST OF LIVING NUMBERS, IT''.
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