10 Things You Need To Know - October 10, 2017

Key data releases this week include: NFIB small business optimism (Tue), FOMC meeting minutes (Wed), PPI (Thu), retail sales (Fri), CPI (Fri), and consumer sentiment (Fri).
Haver
October 6, 2017
The government's jobs numbers will be tough to read for a time as the economy deals with hurricane effects. Nonfarm payrolls declined 33,000 (+1.2% y/y) during September following a 169,000 August increase and a 138,000 July gain. Together these two figures were revised down by 38,000. An 87,000 jobs increase had been expected in the Action Economics Forecast Survey.
City A.M.
October 5, 2017
The Telegraph
Thursday, October 5, 2017
October 5, 2017
Politico Pro
The European Central Bank is closer to decreasing asset purchases, according to minutes of a policymaking meeting. The Governing Council has "broad agreement" an Oct. 26 meeting is the best time to announce decisions about tapering quantitative easing.
Reuters
October 5, 2017
Financial Times
Wednesday, October 4, 2017
Italian lawmaker Matteo Renzi warns that the European Central Bank's proposal for banks to hold collateral on nonperforming loans could spark a credit crisis and damage economic growth. "Some European officials in the banking sector ignore that their duty is to AVOID credit crises, not CREATE them," Renzi wrote in a tweet.
The Telegraph
October 4, 2017
The World Bank issued a report that cites the rapid growth of shadow banking as a major threat to the financial stability of East Asian and Pacific economies, particularly China. Meanwhile, the World Economic Forum warned that debt levels in China are growing at a dangerous rate, reminiscent of the debt buildup in the US before the financial crisis.
Reuters
October 4, 2017
The World Trade Organization is powerless to protect US firms from Chinese trade rules that discriminate in favor of domestic companies, US business groups said at a public hearing held by the US trade representative's office. US companies are threatened by forced technology transfers, cybersecurity regulations, investment rules and subsidies to state-owned enterprises, the groups said.
Barron’s
October 9, 2017
Commenting on the GOP tax plan Warren Buffet said, “I think they can get it done. It’s not a tax reform act, it’s a tax cut act. Any politician that can’t pass a tax cut is probably in the wrong line of business.”
Barron’s
October 9, 2017
Wages rose 2.9% from a year ago, according to Friday’s jobs report. However, wages are growing at a far stronger clip when adjusted for inflation. It’s much better than it looks, perhaps the strongest in 40 years, Evercore ISI strategist Dennis Busschere notes.
MarketWatch
October 3, 2017
Federal Reserve Governor Jerome Powell, under consideration to replace Chair Janet Yellen, echoed an economic position of President Donald Trump during a Q&A session. "The biggest challenge we face as a country is to do what we can to sustain the sustainable growth rate of the US economy," Powell said.
CNBC
October 5, 2017
In a move designed to lay the groundwork for an overhaul of the federal tax system, the US House passed a budget resolution authorizing $4.1 trillion in spending in the 2018 fiscal year. The measure passed 219-206 with many Republicans joining Democrats to oppose the bill.