35 Quotes by Jan Hatzius

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.

We will likely see some 'payback' for the blockbuster April report, which probably exaggerates the underlying job trend. (The latest) ISM index confirms that manufacturing employment has firmly entered contraction territory.

We are exhausting the pool of the unemployed and of otherwise available workers.

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.

The September consumer confidence number on Tuesday is going to be pretty interesting. You could easily get a huge decline.

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

Oil is the dog that didn't bark. It's neutral because it's not far away from the average of where it's been over the past year.

A renewed surge in oil prices is likely to lead to a large headline PPI increase for January.

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.