“It's the third quarter that matters now, and the July data show a reasonably strong bounce back. The third quarter will be stronger. We're estimating 3.5 percent growth. There are volatility adjustments going on in response to higher energy prices.”
“The bond market is still focused heavily on the Fed commitment. The Fed is increasingly telling us that it's the performance of the economy rather than a point in time that dictates policy change. And the performance of the economy is here.”
