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Sung Sohn  Quotes
This is a terrible number. The economic recovery is almost three years old, and the economy should be producing 200,000 to 300,000 jobs per month.

—Sung Sohn

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Economy
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If it weren’t for the terror attacks, we would have avoided a recession, and [Fed] Chairman Greenspan would have been credited for another soft landing. Given the information the Fed had in 1999 and 2000,...

—Sung Sohn

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Unless the labor market gains some steam and momentum, both real income and confidence of consumers would be hurt.

—Sung Sohn

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Confidence
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But if things start to go wrong — if business spending doesn’t pick up, or state and local governments lay off more people than anticipated, or auto sales fall off, or interest rates go much...

—Sung Sohn

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Business
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It’s pretty clear that all the pieces for capital spending are in place, including rising sales, lower inventories and increases in shipments and orders, … So, despite what CEOs say in public, there’s no question...

—Sung Sohn

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The committee members believe that the interest rate is too low, pointing to continuing, gradual increases in the rate. The central bank is reducing accommodation, not tightening monetary policy.

—Sung Sohn

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Interest
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Both consumer and business confidence is depressed because of uncertainty surrounding the war, … If we can somehow bring closure to the war situation, I would expect confidence to improve dramatically, taking with it the...

—Sung Sohn

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Business
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In the early stage of an economic recovery it is almost normal to see some volatility in consumer confidence because the jobless rate continues to rise, jarring people’s confidence, … However, all the pieces are...

—Sung Sohn

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Confidence
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The economy is clearly cooling or downshifting somewhat,

—Sung Sohn

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Economy
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It will have some positive effect, but I don’t think there’s a strong conviction the stock market rally is going to be sustained. No one is really cashing it in and beginning to spend more...

—Sung Sohn

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Conviction
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If this gets out of control all of Latin America could suffer. When Brazil sneezes, the rest of Latin America catches a cold.

—Sung Sohn

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America
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It clearly tells us that consumers have and will continue to sustain and support economic growth, … Consumers have really been the backbone of current economic growth and will continue to be a stabilizer for...

—Sung Sohn

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Growth
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The corporate tax cuts may not have an economic impact until months later.

—Sung Sohn

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That’s why confidence is important. If it remains healthy, gains in sales will be high enough to offset the negatives coming from job cuts. It’s a tug-of-war; right now, job cuts are winning.

—Sung Sohn

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Confidence
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Until and unless there are significant increases in jobs over a period, tighter monetary policy is out of the question.

—Sung Sohn

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Jobs
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We’ve been able to have our cake and eat it too — satisfy our demand for goods and services and at lower prices,

—Sung Sohn

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I think the aggressive expectations of the market are not going to be met.

—Sung Sohn

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If we create [millions of] jobs, as the White House says we will, then real incomes will rise and we can afford to pay for the higher price of energy. If not, it might be...

—Sung Sohn

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Jobs
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The third cylinder of economic growth is beginning to fire, … The other two cylinders are inventory swings and consumer spending. Outside of telecommunications and airplanes, business capital spending has begun to improve already, beginning...

—Sung Sohn

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Beginning
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There’s a possibility they may decide to skip [hiking rates at] the February meeting. There is really no urgency because of the sluggish economy and the low inflation rate.

—Sung Sohn

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This was a temporary pause, which has already been reversed in the month of September,

—Sung Sohn

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If they don’t deliver, we could see a sharp sell-off in markets and a drop in consumer confidence,

—Sung Sohn

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Confidence
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This really was the nail in the coffin for the Aug. 24 meeting, … I think it implies interest rates will go up faster in the future.

—Sung Sohn

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Interest
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This cut … won’t do much good to perk up economic growth, … Now, bond yields should be trending up. The Achilles’ heel of the economy, business spending, won’t be affected much by this cut.

—Sung Sohn

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Growth
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Washington will pump massive amounts of aid into the Katrina-affected areas boosting economic activities.

—Sung Sohn

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And now that the economy is improving, people have greater confidence to make purchases and build homes.

—Sung Sohn

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Confidence
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Right now I’ve taken (a stimulus package) out of my economic outlook, but there is still a chance that it will pass.

—Sung Sohn

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Immediately after the terror attacks, we were shell-shocked and stopped doing everything but watching television,

—Sung Sohn

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Television
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There is no reason for the Fed to deviate away from the cautious policy approach, … The central bank won’t raise the interest rate until August or later.

—Sung Sohn

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Reason
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The loss of confidence in the financial reporting of Corporate America could hurt both consumer and business spending, … The reduced availability and higher cost of credit, as well as the desire to strengthen the...

—Sung Sohn

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America
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Had this report showed another plunge in confidence, then I think it would have been a sure bet to expect another cut sometime in April,

—Sung Sohn

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Confidence
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One of the biggest economic uncertainties is whether the ongoing layoffs will mushroom and spread,

—Sung Sohn

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This report is clearly disappointing,

—Sung Sohn

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Dollar depreciation is good assuming it is taking place in an orderly manner. The concern is any precipitous plunge. If that were to happen the Fed would have to raise rates significantly.

—Sung Sohn

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This scenario is highly unlikely, but can’t be ruled out. The best outcome is a gradual and orderly fall in the value of the dollar improving the trade balance; this is in fact what has...

—Sung Sohn

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Corporate profits are likely to rise at double-digit rates in the second half of the year. And that will be hopefully enough to offset some of the negative psychology in the stock market — assuming...

—Sung Sohn

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The central bank runs the risk of raising the interest rate too fast. Historically, the central bank had overreacted to inflationary pressures, contributing to economic recessions.

—Sung Sohn

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Interest
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Business spending is the Achilles heel of the economy, … The economic baton needs to pass from consumers to businesses.

—Sung Sohn

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Business
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If you want to really help the economy right away, the fastest way to do that is to have the government spend the money itself, … The next step would be to give tax cuts...

—Sung Sohn

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Economy
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Foreign investors are becoming a bit more gun shy about buying U.S. assets. Until the dollar settles down, we are going to be looking at volatility in the foreign exchange markets.

—Sung Sohn

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Assets
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Once the Fed starts raising rates, I suspect they might go up more rapidly than a lot of people realize. Many of us think the Fed will do things slowly and gradually. In fact, they...

—Sung Sohn

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People
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A quarter-point cut [Tuesday] could weaken confidence by reinforcing pessimism in the market place, … Instead, [Fed] Chairman Greenspan should stand pat, sending a positive message that economic recovery is in sight and no additional...

—Sung Sohn

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Confidence
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The economy has settled into a sustainable, self-reinforcing growth path, … All major categories of the economy have contributed to economic growth. Now that businesses have begun to add to payrolls, the current expansion is...

—Sung Sohn

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Economy
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If there were a bubble in California and if it were to burst, that would be a national economic catastrophe.

—Sung Sohn

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This time around, my guess is that the lead may end up being shorter than the historic average, … I wouldn’t rule out the possibility of the stock market being an almost coincident indicator.

—Sung Sohn

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[Fed] Chairman [Alan] Greenspan will have to act to boost confidence, … Another cut at the Nov. 6 [Fed policy] meeting should not be ruled out, lowering the federal funds rate to 2.0 percent. Considering...

—Sung Sohn

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We have a situation where the baton of economic growth needs to pass from consumers to businesses, but that hasn’t happened yet,

—Sung Sohn

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Growth
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Our research shows the jobless rate is the best indicator of monetary policy, … They have almost perfect correlation.

—Sung Sohn

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Research
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