If under these circumstances the F.O.M.C. is prepared to keep going, then this means that the committee is more worried about the longer-term risk of higher inflation than the shorter-term risk of a collapse in growth.

Edward McKelvey

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I won't discuss it under any circumstances.

— Edward MacMahon

The data suggest the pace of unemployment's rise is lessening. They don't tell you you'll get a turnaround, but they're encouraging.

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We had expected an upward revision in the second-quarter G.D.P. estimate on the basis of other recently released data, ... but trade kind of goes in the opposite direction.

— Edward McKelvey

In our view, the financial markets are much too complacent about what a decision to keep tightening means at this juncture.

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Is the market concerned about it? Yes. Is it a significant concern? I doubt it.

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