Former Trump campaign aides indicted in Mueller’s Russia probe: The Hill
Trump asserts indictments don’t prove collusion with Russia: NY Times
House mulls corporate tax cuts that gradually roll out: Bloomberg
Surge in car sales drives largest increase in US consumer spending since 2009: Bloomberg
Is the White House prepared for November’s trade talks with China? Reuters
GDPNow forecasts US growth at 2.9% for Q4, slightly down from 3.0% in Q3: Atlanta Fed
Eurozone’s October three-month GDP growth estimate increases to 0.72%: €-Coin Indicator
The commodities sector experienced a notable increase last week, representing the most significant gain among the major asset classes, as measured by various exchange-traded funds. This growth stands out amidst a broader decline in most markets.
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Upcoming indictments could heighten political tensions for the White House: Politico
Fed Governor Powell leading candidate for new Federal Reserve chair: The Hill
Trump’s tax reform plan faces increased scrutiny as House vote approaches: Reuters
US economy shows robust 3.0% growth in Q3 despite hurricane disruptions: LA Times
Consumer Sentiment Index hits a 13-year high in October: Bloomberg
Approximately a quarter of Q3 GDP increase attributed to inventory accumulation: Econobrowser
China’s debt management strategies could have global economic impact: Bloomberg
The latest edition of The US Business Cycle Risk Report has been published and distributed to subscribers.
For subscription details and to request a sample issue, click here.
By Tamim Bayoumi
Summary via publisher (Yale University Press)
While many texts have explored the 2008 financial crisis from either American or European perspectives, Tamim Bayoumi, an IMF deputy director, uniquely illustrates how the Euro crisis and the US housing debacle were interlinked. Tracing back to the 1980s, he examines the series of policy mistakes that gradually destabilized both European and US financial sectors, underscoring the pivotal role played by European megabanks that leveraged relaxed regulations to penetrate the US market and finance unsustainable growth on both continents.
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According to the preliminary estimate from the Bureau of Economic Analysis, the US economy demonstrated surprising resilience in the third quarter. Output grew by 3.0%, significantly outpacing the 2.5% consensus forecast from Econoday.com and only slightly less than Q2’s robust 3.1% increase.
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Oscar Wilde once remarked that “Imitation is the sincerest form of flattery that mediocrity can pay to greatness.” This sentiment aligns with the purpose of utilizing Professor Bill Sharpe’s style analysis in replicating investment indexes that cannot be directly purchased. If we can gain access to an index’s returns, there is a strong possibility that we can reverse-engineer its asset allocation and reconstruct the portfolio using publicly traded securities.
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Spain plans to implement direct rule in Catalonia on Friday: Reuters
US Defense Secretary emphasizes diplomatic solutions in South Korea: ABC News
House approves budget, paving the path for tax reform: NY Times
ECB signals intention to gradually reduce QE measures: RTT
Pending Home Sales Index in the US drops to a near three-year low in September: CNBC
US jobless claims uptick following a downturn to a four-decade low: MarketWatch
US merchandise trade deficit reaches a four-month high in August: Bloomberg
10-year Treasury yield increments to 2.46% — highest since March:
While value investing may not be entirely dead, the strategy certainly seems to be offering a compelling impression of demise.
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European Central Bank expected to reduce bond-buying stimulus: Reuters
House Speaker Ryan states tax reform faces significant challenges ahead: The Hill
New home sales in the US soar, reaching the highest level in a decade: Reuters
September orders for US durable goods see the largest increase in three months: USA Today
Is the recent increase in Treasury yields just transient noise? Alhambra Investments
Singapore central bank chief warns that global investors may underestimate risks: Bloomberg
How has Australia successfully avoided a recession for 25 years? News.com.au
Economic ramifications of climate change are anticipated to escalate for the US in the decades to come: GAO
