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<p><span style="color: #0000ff;"><strong>Trump proposes significant tax reductions:</strong></span> <a href="http://thehill.com/policy/finance/domestic-taxes/352771-republicans-rollout-sweeping-tax-proposal-seeking-a-win">The Hill</a><br/><span style="color: #0000ff;"><strong>US durable goods orders rebound in August:</strong> </span><a href="http://www.reuters.com/article/us-usa-economy-durablegoods/u-s-core-capital-goods-data-underscores-economys-strength-idUSKCN1C21LM">Reuters</a><br/><span style="color: #0000ff;"><strong>Pending Home Sales Index in the US declines by 2.6% in August:</strong></span> <a href="https://www.cnbc.com/2017/09/27/pending-home-sales-drop-2-point-6-percent-in-august-top-realtors-economist-warns-housing-market-stalled.html">CNBC</a><br/><span style="color: #0000ff;"><strong>Severe weather could lead to increased wealth-driven migration:</strong></span> <a href="https://www.bloomberg.com/news/articles/2017-09-27/hurricane-maria-may-be-u-s-preview-of-climate-fueled-migration">Bloomberg</a><br/><span style="color: #0000ff;"><strong>$1 billion-a-day cost for the US within a decade due to climate change:</strong></span> <a href="https://www.bloomberg.com/news/articles/2017-09-27/climate-shocks-may-cost-u-s-1-billion-a-day-as-planet-heats-up">Bloomberg</a><br/><span style="color: #0000ff;"><strong>10-Year Treasury yield hits a two-month high:</strong></span> <a href="http://www.marketwatch.com/story/treasury-yields-jump-as-traders-position-for-higher-rates-2017-09-27">MarketWatch</a></p>
<p><a href="https://www.capitalspectator.com/wp-content/uploads/2017/09/us.10yr.yld_.28sep2017.png"><img fetchpriority="high" decoding="async" class="alignnone size-full wp-image-9271" src="https://www.capitalspectator.com/wp-content/uploads/2017/09/us.10yr.yld_.28sep2017.png" alt="" width="700" height="312" /></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-28-september-2017/" title="4:52 am" rel="bookmark"><time class="entry-date" datetime="2017-09-28T04:52:42-04:00">September 28, 2017</time></a>
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<p>The recent resurgence of financial stocks has propelled this sector to become the top performer among US equities over the past year, according to various ETFs. This shift in leadership coincides with a recent downturn in technology stocks, which have fallen from first to third place in one-year performance rankings.<br/><a href="https://www.capitalspectator.com/financials-rebound-as-tech-stumbles/#more-9264" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/financials-rebound-as-tech-stumbles/" title="6:41 am" rel="bookmark"><time class="entry-date" datetime="2017-09-27T06:41:24-04:00">September 27, 2017</time></a>
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<p><span style="color: #0000ff;"><strong>Fed Chair Yellen reaffirms continuation of rate hikes despite low inflation:</strong></span> <a href="http://www.reuters.com/article/us-usa-fed-yellen/feds-yellen-says-gradual-hikes-should-continue-despite-weak-inflation-idUSKCN1C12ED">Reuters</a><br/><span style="color: #0000ff;"><strong>President Trump to reveal new tax strategy:</strong></span> <a href="http://www.politico.com/story/2017/09/26/trump-tax-reform-blueprint-243179">Politico</a><br/><span style="color: #0000ff;"><strong>US Consumer Confidence Index declines in August following hurricanes:</strong></span> <a href="https://www.usatoday.com/story/money/2017/09/26/u-s-consumer-confidence-takes-hit-hurricanes/703510001/">USA Today</a><br/><span style="color: #0000ff;"><strong>New home sales in the US drop to an eight-month low in August:</strong></span> <a href="http://www.marketwatch.com/story/new-home-sales-swoon-to-8-month-low-in-august-2017-09-26">MarketWatch</a><br/><span style="color: #0000ff;"><strong>Richmond Fed Manufacturing Index increases in September:</strong></span> <a href="https://www.richmondfed.org/research/regional_economy/surveys_of_business_conditions/manufacturing/2017/mfg_09_26_17">Richmond Fed</a><br/><span style="color: #0000ff;"><strong>Gallup's US economic confidence index remains stable:</span> </strong><a href="http://news.gallup.com/poll/219944/economic-confidence-index-holds-steady.aspx?g_source=ECONOMIC_CONFIDENCE&g_medium=topic&g_campaign=tiles">Gallup</a><br/><span style="color: #0000ff;"><strong>Global growth shows improvement in Q2 with a positive outlook for Q3:</strong></span> <a href="https://www.focus-economics.com">FocusEconomics</a></p>
<p><a href="https://www.capitalspectator.com/wp-content/uploads/2017/09/global.gdp_.27sep2017.png"><img decoding="async" class="alignnone size-full wp-image-9263" src="https://www.capitalspectator.com/wp-content/uploads/2017/09/global.gdp_.27sep2017.png" alt="" width="648" height="451" /></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-27-september-2017/" title="4:56 am" rel="bookmark"><time class="entry-date" datetime="2017-09-27T04:56:30-04:00">September 27, 2017</time></a>
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<p>Many individuals are feeling perplexed about the current state of the US economy and its implications for monetary policy. Recent speeches from Federal Reserve officials highlighted starkly different perspectives on the inflation outlook, suggesting that the rationale for upcoming interest rate hikes continues to be unclear.<br/><a href="https://www.capitalspectator.com/fed-officials-offer-mixed-outlook-on-us-inflation/#more-9260" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/fed-officials-offer-mixed-outlook-on-us-inflation/" title="7:10 am" rel="bookmark"><time class="entry-date" datetime="2017-09-26T07:10:05-04:00">September 26, 2017</time></a>
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<p><span style="color: #0000ff;"><strong>North Korea claims the right to shoot down US bombers:</strong></span> <a href="http://www.reuters.com/article/us-northkorea-missiles/north-korea-says-u-s-declared-war-warns-it-could-shoot-down-u-s-bombers-idUSKCN1C026A">Reuters</a><br/><span style="color: #0000ff;"><strong>Chicago Fed Index indicates slower US growth in August:</strong></span> <a href="https://www.chicagofed.org/publications/cfnai/index">Chicago Fed</a><br/><span style="color: #0000ff;"><strong>Texas manufacturing growth remains robust in September:</strong></span> <a href="https://www.dallasfed.org/research/surveys/tmos/2017/1709.aspx">Dallas Fed</a><br/><span style="color: #0000ff;"><strong>Fed's Evans suggests maintaining rates until inflation rises:</strong></span><a href="https://mninews.marketnews.com/content/feds-evans-should-maintain-accommodation-until-infl-track"> MNI</a><br/><span style="color: #0000ff;"><strong>NY Fed's Dudley expects an increase in US inflation from import prices:</strong></span> <a href="http://www.marketwatch.com/story/feds-dudley-says-import-prices-will-help-boost-inflation-2017-09-25">MarketWatch</a><br/><span style="color: #0000ff;"><strong>Recent attempt to repeal Obamacare appears unsuccessful:</strong></span> <a href="http://www.politico.com/story/2017/09/25/obamacare-repeal-failure-republicans-react-243096">Politico</a><br/><span style="color: #0000ff;"><strong>Demographic patterns continuing to exert downward pressure on interest rates:</strong></span> <a href="http://www.frbsf.org/economic-research/publications/economic-letter/2017/september/demographic-transition-and-low-us-interest-rates/?utm_source=frbsf-home-economic-letter-title&utm_medium=frbsf&utm_campaign=economic-letter">San Francisco Fed</a><br/><span style="color: #0000ff;"><strong>Brent oil prices soar to a two-year high:</strong></span> <a href="http://www.bbc.com/news/business-41394775">BBC</a></p>
<p><a href="https://www.capitalspectator.com/wp-content/uploads/2017/09/brent.26sep2017.png"><img decoding="async" class="alignnone size-full wp-image-9259" src="https://www.capitalspectator.com/wp-content/uploads/2017/09/brent.26sep2017.png" alt="" width="700" height="312" /></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-26-september-2017/" title="5:03 am" rel="bookmark"><time class="entry-date" datetime="2017-09-26T05:03:34-04:00">September 26, 2017</time></a>
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<p>Equities in developed foreign markets showed the most significant gains last week among the major asset classes, as tracked by various exchange-traded products. This modest rise marks the sixth consecutive week of increases for these markets.<br/><a href="https://www.capitalspectator.com/foreign-stocks-in-developed-markets-rise-for-6th-week/#more-9255" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/foreign-stocks-in-developed-markets-rise-for-6th-week/" title="6:26 am" rel="bookmark"><time class="entry-date" datetime="2017-09-25T06:26:52-04:00">September 25, 2017</time></a>
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<p><span style="color: #0000ff;"><strong>Merkel secures her fourth term as German Chancellor:</strong></span> <a href="http://www.reuters.com/article/us-germany-election/merkel-hangs-on-to-power-but-bleeds-support-to-surging-far-right-idUSKCN1BY0ZV">Reuters</a><br/><span style="color: #0000ff;"><strong>Yellen and Cohn are frontrunners to lead the Fed:</strong></span> <a href="https://www.nytimes.com/2017/09/23/business/yellen-and-cohn-said-to-be-on-shortlist-for-new-head-of-the-fed.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news">NY Times</a><br/><span style="color: #0000ff;"><strong>US business inflation outlook remains steady at 1.9% in September:</strong></span> <a href="https://www.frbatlanta.org/research/inflationproject/bie/">Atlanta Fed</a><br/><span style="color: #0000ff;"><strong>Dollar-denominated debt obligations outside the US continue to rise:</span></strong> <a href="https://www.bloomberg.com/view/articles/2017-09-25/the-world-can-t-stop-borrowing-dollars">Bloomberg</a><br/><span style="color: #0000ff;"><strong>The conflict over Obamacare may be unending:</strong></span> <a href="https://fivethirtyeight.com/features/the-war-over-obamacare-may-never-end/">FiveThirtyEight</a><br/><span style="color: #0000ff;"><strong>Japan’s government maintains perspective of moderate economic recovery:</strong></span> <a href="http://www.rttnews.com/2817450/japan-govt-maintains-economic-view.aspx?type=alleco">RTT</a><br/><span style="color: #0000ff;"><strong>US Composite PMI indicates “strong” growth for September:</strong></span> <a href="https://www.markiteconomics.com/Survey/PressRelease.mvc/ae0d3cf36c5d45ff8c80ca77f794615d">IHS Markit</a></p>
<p><a href="https://www.capitalspectator.com/wp-content/uploads/2017/09/pmi.25sep2017.png"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-9253" src="https://www.capitalspectator.com/wp-content/uploads/2017/09/pmi.25sep2017.png" alt="" width="464" height="374" /></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/macro-briefing-25-september-2017/" title="5:14 am" rel="bookmark"><time class="entry-date" datetime="2017-09-25T05:14:02-04:00">September 25, 2017</time></a>
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<p>The September 24 edition of <a href="https://www.capitalspectator.com/premium-research/">The US Business Cycle Risk Report</a> has been published and sent to subscribers.</p>
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By James Picerno | <a href="https://www.capitalspectator.com/us-business-cycle-risk-report-update-for-sep-24-2017/" title="8:29 pm" rel="bookmark"><time class="entry-date" datetime="2017-09-24T20:29:23-04:00">September 24, 2017</time></a>
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<p><a href="https://www.amazon.com/gp/product/1627791647/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1627791647&linkCode=as2&tag=thecapitalspe-20&linkId=622609d774f0a1d8fa3d0dc8cd57de68" target="_blank" rel="noopener"><img decoding="async" class="alignleft" src="https://ws-na.amazon-adsystem.com/widgets/q?_encoding=UTF8&MarketPlace=US&ASIN=1627791647&ServiceVersion=20070822&ID=AsinImage&WS=1&Format=_SL250_&tag=thecapitalspe-20" border="0"/></a><img loading="lazy" decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=thecapitalspe-20&l=am2&o=1&a=1627791647" alt="" width="1" height="1" border="0"/>● <a href="https://www.amazon.com/gp/product/1627791647/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=1627791647&linkCode=as2&tag=thecapitalspe-20&linkId=cb13b1434ef2e0c28d36571f2dedadc0" target="_blank" rel="noopener">A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History</a><img loading="lazy" decoding="async" style="border: none !important; margin: 0px !important;" src="https://ir-na.amazon-adsystem.com/e/ir?t=thecapitalspe-20&l=am2&o=1&a=1627791647" alt="" width="1" height="1" border="0"/><br/>By Diana B. Henriques<br/><strong><a href="http://www.wnyc.org/story/road-black-monday/">Interview</a> with the author via WYNC</strong><br/>The 1987 financial crash is regarded as one of the worst days in Wall Street history. In her book, *A First-Class Catastrophe: The Road to Black Monday*, Diana Henriques explores how the events leading to "Black Monday" were shaped by a series of missed opportunities, market delusions, and destructive actions spanning from the “silver crisis” of 1980 to political battles in Washington.<br/><a href="https://www.capitalspectator.com/book-bits-23-september-2017/#more-9249" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/book-bits-23-september-2017/" title="7:13 am" rel="bookmark"><time class="entry-date" datetime="2017-09-23T07:13:12-04:00">September 23, 2017</time></a>
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<p>The Financial Times highlights the Federal Reserve’s forecast indicating higher interest rates in the coming years coinciding with expectations of slower economic growth and an increase in unemployment. With the historical trend showing that US recessions often follow periods of tightening monetary policy, potential challenges could arise in the near future.<br/><a href="https://www.capitalspectator.com/will-the-feds-rate-hike-plans-eventually-trigger-a-recession/#more-9243" class="more-link">Continue reading <span class="meta-nav">→</span></a></p>
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By James Picerno | <a href="https://www.capitalspectator.com/will-the-feds-rate-hike-plans-eventually-trigger-a-recession/" title="7:48 am" rel="bookmark"><time class="entry-date" datetime="2017-09-22T07:48:48-04:00">September 22, 2017</time></a>
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