Fed's Goolsbee: Retailers stockpiled ahead of the dockworker strike

• A strike by dockworkers was expected, and retailers stocked up
• Retailers have about two weeks of extra inventory, and there will be an impact after that
• The dockers’ strike may have impacts on the supply chain, which could mean some price increases
• We have succeeded in reducing the inflation rate to a large extent
• The new inflation numbers are at the Fed’s target, and the labor market is at full employment
• 25 versus 50 basis points is no less important than lowering interest rates over the next 12 months
• There has been “partisanship” to consumer confidence readings, making them less useful

He’s giving himself a round of applause here. I also wonder if the storage didn’t skew some data before the hit.

As for partisanship, this trust chart speaks for itself:

This article was written by Adam Paton at www.forexlive.com.