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 Joel Naroff - “The numbers we're getting all indicate that the economy has maintained a large amount of momentum and that's obviously a concern to the Fed and will likely force their hand.”
 Joel Naroff - “The euphoria over the third quarter will probably be replaced by concern over the fourth quarter. We've begun to transition to more moderate growth, and that's what we'll see the first half of this year. It will be a stepped-down pace, not a collapse.”
 Joel Naroff - “A rebound to solid levels would indicate today's report was not the start of a trend, ... Another month near these levels would create some concern about the strength of the housing sector.”
 Joel Naroff - “If you live in the real world, inflation is not as tame as the members of the Fed monetary policy committee would like us to believe.”
 Joel Naroff - “There is no inflation, unless you drive a vehicle, heat your home, use medical services, have a child in college, use cable, insure anything or smoke.”
 Joel Naroff - “We have seen a change in the texture of the economic data. A month ago, the reports were not clear-cut, as some were good and some were weak. Recently, the pattern has been for a surprise in the numbers on the upside. The Fed is seeing the same trend in the data, and it would be a shock if they did anything but stand pat.”
 Joel Naroff - “The trade deficit may have narrowed in February but it is hardly clear that this is the start of a long downward trend.”
 Joel Naroff - “The decline in new home sales in January makes it clear that there is some real softening in the housing market.”
 Joel Naroff - “The ... report makes it clear that, without the treats given to us by tax cuts and low interest rates, consumers are on their own, ... Let's just hope they don't trick us and slow spending sharply.”
 Joel Naroff - “Today's statement makes it clear that the monetary authorities truly believe they are in an extremely aggressive policy stance. And if they do feel that way, you can be sure they will feel the need to unwind that aggressive stance rapidly when growth does return.”
 Joel Naroff - “Businesses are running up against capacity constraints and have no choice but to hire, and that may bid up wages. Productivity is decelerating and inflation pressures keep creeping up.”
 Joel Naroff - “With such a stark difference between goods and services inflation, the issue is 'Can the Fed do anything about the surge in services prices' ... Can monetary policy limit the rise in medical care or education or tobacco prices Probably not.”
 Joel Naroff - “This is it for the major data this year and only the window-dressers will likely care. And their moves are for show and dough, not for fundamental reasons.”
 Joel Naroff - “There is always concern (among some U.S. citizens) of foreigners owning things. The downside is that they take profits out of the business. It goes overseas. That's their right as owners of the business. But we own an awful lot of businesses around the world as well. We've got to recognize that fact.”
 Joel Naroff - “What we are basically looking at is an economy that is not very different from the economy last year. Depending on your industry and depending on your business, if you liked last year, you will probably like this year.”
 Joel Naroff - “We saw a slowdown in business investing and while it may be a little more than we will see going forward, it's real and it will likely continue.”
 Joel Naroff - “Business tax cuts may save the corporate bottom line a little bit, but they will neither induce new investment nor increase production, ... Only a rise in spending will do that.”
 Joel Naroff - “Like the rest of us, business leaders cannot figure out what will happen if war breaks out, and making business plans in such an unclear environment is quite difficult.”
 Joel Naroff - “With consumers spending a little less and business investment likely to slow, that will translate to a bit slower growth for factories.”
 Joel Naroff - “Americans shopped the world's markets until we dropped. We bought a lot more of everything, including capital and consumer goods, foods and motor vehicles.”
 Joel Naroff - “People were probably too busy closing their deals on the record number of homes bought to visit auto showrooms, ... How can you fear that the willingness to spend is fading when housing sales are soaring”
 Joel Naroff - “We shopped the world's markets until we dropped. We bought a lot more of everything, including capital and consumer goods, foods and motor vehicles.”
 Joel Naroff - “We shopped the world's markets until we dropped. We bought a lot more of everything.”
 Joel Naroff - “Basically, the new boss has the same worries as the old boss. For the markets, this cannot be good news.”
 Joel Naroff - “Now gasoline prices are breaking 3 a gallon. If we stay here or go higher in the fall, that would begin to put the holiday shopping season at risk.”

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