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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Jdaasoc who wrote (92802)7/9/2002 11:58:56 AM
From: Softechie  Read Replies (1) of 99280
 
Goldman sees no Fed hikes till 2H of 2003
By Julie Rannazzisi
07/09/2002 11:32

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Economists point to a recovery they feel will be lukewarm at best. Goldman Sachs' Dudley said he's more convinced that U.S. growth will remain slow and thus pushed back Fed tightening expectations to the second half of 2003. In mid-June, Goldman had delayed rate hike projections to the November FOMC meeting. Goldman pointed to the slowdown in consumer spending, which it feels is firmly rooted in fundamentals that are not likely to change soon. "The weakness in equity prices is highly unusual for this stage of the cycle and has neutralized the Fed's efforts at stimulus. A recent Fed study emphasizes the importance of erring on the side of excess accommodation when inflation is close to zero," Dudley concluded.
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