Devine, James wrote: >But we are seeing a >"proletarian recession," a steady and sustained rise in the unemployment >rate and, to AG's glee, a move toward above the NAIRU. He's even thinking of >hiking interest rates...
Eh? How do you know? The collective wisdom of Wall Street is that no such hike is imminent, and in this case, the CWoWS is probably right. Dallas Fed President McTeer said recently that they wouldn't raise rates until unemployment was below 5%. In the Fed's entire history, they've never raised rates until after the peak in unemployment. Doug
