We do believe that the U.S. housing market is a bubble in the sense that its contribution to consumer spending is unsustainable. Households have used a large share of the recent home equity gains to supplement their spending. When these gains dry up, as they ultimately must, spending is likely to weaken substantially. - Jan Hatzius Quotes
We do believe that the U.S. housing market is a bubble in the sense that its contribution to consumer spending is unsustainable. Households have used a large share of the recent home equity gains to supplement their spending. When these gains dry up, as they ultimately must, spending is likely to weaken substantially. Jan Hatzius
 

More - Jan Hatzius Quotes

A year ago, it was not that difficult to predict six months in advance where they were going to be. That's going to be harder when you are at 5 percent and you think the economy is going to be weak enough to get them to cut rates. - Jan Hatzius Quotes

A year ago, it was not that difficult to predict six months in advance where they were going to be. That's going to be harder when you are at 5 percent and you think the economy is going to be weak enough to get them to cut rates.

Jan Hatzius

 
There is a more plausible explanation for the spending slowdown, namely the withdrawal of fiscal and monetary stimulus from a household sector whose finances remain stretched. - Jan Hatzius Quotes

There is a more plausible explanation for the spending slowdown, namely the withdrawal of fiscal and monetary stimulus from a household sector whose finances remain stretched.

Jan Hatzius

 
The ratio of inventories to shipments rose a bit in the latest month. We have found movements in this ratio to be a good indicator of industrial activity. Just a straw in the wind at this point, but a possible indication of future moderation in the sector. - Jan Hatzius Quotes

The ratio of inventories to shipments rose a bit in the latest month. We have found movements in this ratio to be a good indicator of industrial activity. Just a straw in the wind at this point, but a possible indication of future moderation in the sector.

Jan Hatzius

 
What matters for our well-being is the net output -- remember, depreciation charges are not available for consumption -- per person in the overall economy, not the gross output per hour worked in the non-farm business sector alone, - Jan Hatzius Quotes

What matters for our well-being is the net output -- remember, depreciation charges are not available for consumption -- per person in the overall economy, not the gross output per hour worked in the non-farm business sector alone,

Jan Hatzius

 
Some slippage in other categories is probably due given very strong gains in recent months. - Jan Hatzius Quotes

Some slippage in other categories is probably due given very strong gains in recent months.

Jan Hatzius

 
There is a more plausible explanation for the spending slowdown, namely the withdrawal of fiscal and monetary stimulus from a household sector whose finances remain stretched, - Jan Hatzius Quotes

There is a more plausible explanation for the spending slowdown, namely the withdrawal of fiscal and monetary stimulus from a household sector whose finances remain stretched,

Jan Hatzius

 
It's not plausible that capital spending has been weakened by the fact that multinationals are holding their funds abroad. I just don't believe that story. - Jan Hatzius Quotes

It's not plausible that capital spending has been weakened by the fact that multinationals are holding their funds abroad. I just don't believe that story.

Jan Hatzius

 
The chairman now sounds notably more worried than previously that house prices have risen too much and that the downturn could have a severe effect on the U.S. economy. - Jan Hatzius Quotes

The chairman now sounds notably more worried than previously that house prices have risen too much and that the downturn could have a severe effect on the U.S. economy.

Jan Hatzius

 
I'm not sure which form it will take -- maybe a lengthy period of subdued consumer spending or something more violent than that. But it's clear to me that households cannot continue to save 3 percent of their disposable income and grow debt at 10 percent per year. - Jan Hatzius Quotes

I'm not sure which form it will take -- maybe a lengthy period of subdued consumer spending or something more violent than that. But it's clear to me that households cannot continue to save 3 percent of their disposable income and grow debt at 10 percent per year.

Jan Hatzius

 
At this point I would have expected more of a boost from lower oil prices. If you'd told me before the war that the military action would go as smoothly as it did and that Saddam Hussein didn't blow up his oil facilities, I would have thought oil prices would be lower. - Jan Hatzius Quotes

At this point I would have expected more of a boost from lower oil prices. If you'd told me before the war that the military action would go as smoothly as it did and that Saddam Hussein didn't blow up his oil facilities, I would have thought oil prices would be lower.

Jan Hatzius

 
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