CNBC Press Releases

DYLAN: GO AHEAD.

GUTIERREZ: JUST TO ADD TO THAT CONSUMERS ARE ACTIVE. SO WE'RE SEEING THIRD QUARTER CONSUMER SALES PICK UP. FROM THE SECOND QUARTER, WHICH IS, YOU KNOW, IT'S, JUST ADDS TO THE EQUATION. JOBS, GDP GROWTH AND CONSUMERS ARE ACTIVE. THAT SHOULD KEEP DEMOVING.

DYLAN: YOU MENTIONED INFLATION. WE KNOW THAT THE CORE INFLATION DATA HAS INDEED BEEN QUITE BENIGN. HOWEVER WE ALSO HAVE WATCHED OIL DANCE TO $90 A BARREL.WE'VE ALL WATCHED AND WONDERED WHY ACTUALLY IT HASN'T HAD MORE OF IMPACT IN FINANCIAL MARKETS, WE HAVE,IN COVERING IT. WE WATCHED SOFT COMMODITY PRICES SOMETHING YOU'RE FAMILIAR WITH FROM YOUR PRIOR LIFE GO HIGHER IN MULTIPLES. WHEAT, SOY, CORN WHICH GOES TO CHEESE AND PIZZA.

CAN GO ON ALL DAY ABOUT THIS. WHY DO YOU GUYS THINK WE ARE HAVE BEEN ABLE TO ENDURE THE RISE IN COMMODITY PRICING BOTH HARD AND SOFT COMMODITIES AND NOT HAVING SEEN AT THIS POINT A MORE MEANINGFUL IMPACT ON THE OVERALL ECONOMY? IT HASN'T HAPPENED YET?

GUTIERREZ: TWO THINGS I'LL SAY. I'M SURE EDDIE WILL ADD TO THIS. ONE IS PRODUCTIVITY. WE CONTINUE TO SEE PRODUCTIVITY EXPANSION. WE CONTINUE TO HAVE THE MOST PRODUCTIVE COMPANIES IN THE WORLD. WE'RE SEEING THAT IN SMALL BUSINESSES AND LARGE BUSINESSES. THAT'S CONTRIBUTING. OTHER THING TOO TOO A LOT OF THESES ARE SMALLER PART OF OUR GDP THAN THEY ONCE WERE. WE'RE BECOMING A LOT MORE EFFICIENT AND BEING ABLE TO WITHSTAND SHOCKS AND CONTINUE TO MANAGEMENT BUSINESSES AND GROW.

DYLAN: OMB IF I WALKED INTO YOUR OFFICE OIL IS $40 A BARREL. LISTEN OIL WILL BE $90 A BARREL IN FALL OF '07 WHAT DO YOU THINK THE WORLD LOOKS LIKE? BY THE WAY MARKET IS AT OR NEAR A RECORD. WE'RE COUPLE PERCENT OFF OF THAT. EXPORTS ARE AT RECORD. I COULD DESCRIBE A VARIETY OF POSITIVE ECONOMIC CHARACTERISTICS YOU HAVE TO ADMIT THAT IS SURPRISING SET OF DATA.

NUSSLE: NOT ONLY IS IT SURPRISE AND HOW RESILIENT OUR ECONOMY IS ORDER TO DEAL WITH IT.

DYLAN: WHY DO YOU THINK ACCEPTING 90 SO WELL OR 80, OR 70?

NUSSLE: IF ONE PERSON KNEW THAT AND COULD PREDICT FUTURE. WE ARE NOT GOOD AT DOING THAT WE'RE LOOKING INDICATORS ALL OF THEM EXCEPT HOUSING ARE POINTING IN POSITIVE DIRECTION. ALL THAT COMBINED WITH THE FACT THAT WE JUST, HAVE SUCH A PRODUCTIVE WORKFORCE, AND, WHAT PEOPLE ARE ABLE TO DO, THAT'S REALLY WHAT IS I THINK THE DRIVER BEHIND OUR ECONOMY RIGHT NOW.

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