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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: J. M. Blackburn who wrote (14437)6/14/2000 2:56:00 PM
From: Justa Werkenstiff  Read Replies (1) of 15132
 
Fed's Parry on Recent Economic Data, Job Market, Oil: Fed Quote


San Diego, June 14 (Bloomberg) -- Comments by Federal Reserve Bank of San Francisco President Robert Parry on impact of last six interest-rate increases on economic growth and the job market, and about oil prices. Parry, a voting member of the policy-setting Federal Open Market Committee, talked to reporters in San Diego after speaking to a Fed-sponsored conference in San Diego:

When asked about the impact of the six increasews, Parry said: ``If you look at the impact on growth and demand, it's clear we're seeing some of those effects. But to say we're feeling the effect of the last one, or two, or three increases in any signficant way I would say is not correct.''

The effects on inflation ``probably are yet to be felt,'' he said. As for labor, ``We haven't run into much in the way of reports from people I've talked to on labor conditions easing in any signficant way.''

Concerning oil prices that rose past $30 for the third consecutive day today: ``I think what it suggests is that some of the relief we would have expected to see from declining oil prices in the CPI is not likely to be as dramatic as we thought it would be.'' Even so, ``we focus more on the core'' CPI, which excludes food and energy.

Jun/14/2000 14:14 ET
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