Other View: Tax reform for cowards
October 01, 2017
Our bloated, 75,000 page tax code is costly and confusing. Even some fiscal conservatives in NY noted that the while some of the tax changes would help the middle class, such as cuts in federal rates and a near doubling of the standard deduction , the net outcome could be a negative for New Yorkers - both for the middle class and some of the rich, especially compared to states with lower taxes. (more...)
Will Puerto Rico be Trump's Katrina moment?
September 28, 2017
Officials have described "apocalyptic" conditions , which are only expected to get worse, and Puerto Rico's governor Ricardo Rosselló has deemed Maria the biggest catastrophe in the island's history. Now Forster says two more members plan to head to Puerto Rico very soon, one of whom is leaving tomorrow. For example, while 1.5 million meals have been distributed, the island has 3.2 million people, many of them in need of assistance. (more...)
Dudley sees Fed rate hikes; inflation weakness 'fading'
September 27, 2017
The benchmark S&P/ASX 200 index slipped 6.70 points or 0.12 percent to 5,664.30 while the broader All Ordinaries index closed marginally lower at 5,725.50. While analysts expect not much will be done immediately, with the absence of other headline-dominating news, it will still be the key event. In data on Tuesday, the US CB consumer confidence came in at 119.8 for September, which was close to the expected print but below August's reading of 120.4. (more...)
Dollar weaker around ¥111.40 in Tokyo before FOMC
September 22, 2017
Equities had rallied Monday as investors turned their attention to macro issues, particularly a Federal Reserve policy meeting and Trump's maiden speech to the UN General Assembly. It maintained its guidance that one further interest rate hike was likely this year despite inflation coming in weaker than expected - adding timid price growth was being "closely" watched. (more...)
Gold prices fall to 2-weeks low, time to buy?
September 22, 2017
The biggest US telephone operators, Verizon and AT&T, rose more than 2 percent, providing the second- and third-biggest individual stock boosts for the S&P. Yet policymakers point to another reason to keep tightening US monetary policy: the loosening of financial conditions this year, in which credit spreads have narrowed, stock prices have soared, and bond yields and the dollar have slipped. (more...)
Fed to Shrink Assets Next Month, Boost Rates by Year-End
September 21, 2017
The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2 percent from official midpoint rate it sets each morning. Bed Bath & Beyond sank 17 percent to its lowest since 2009 after the home furnishing retailer reported earnings and sales below estimates, prompting a slew of price target cuts. (more...)