Key data releases this week include: personal income and spending (Tue), PCE deflator (Tue), Beige Book (Wed), ISM manufacturing (Thu), and nonfarm payrolls (Fri).
Haver
May 26, 2017
Economic growth was revised to 1.2% during Q1'17, up from the advance estimate of 0.7%. Growth remained the weakest in three quarters. A 0.8% advance had been expected in the Action Economics Forecast Survey. Raised estimates of consumer spending and business investment accounted for the revision.
Haver
May 24, 2017
Sales of existing single-family homes declined 2.3% during April to 5.570 million (AR, +1.6% y/y)) from 5.700 million in March, revised from 5.710 million. Expectations had been for 5.640 million purchases in the Action Economics Forecast Survey.
Haver
May 24, 2017
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices increased 0.6% during March (6.2% y/y) following an unrevised 0.8% February rise. During the last three months, the 6.5% annualized rate of increase roughly equaled last year's 6.2% pace.
The Telegraph
May 24, 2017
Politico Pro
Wednesday, May 24, 2017
Despite an acceleration in economic growth, government finances across the eurozone are still fragile and rising interest rates could trigger a sovereign-debt crisis, the European Central Bank said in a report. Governments must continue work on economic reform and focus on keeping finances under control, the ECB said.
Bloomberg
May 24, 2017
Barron's
Tuesday, May 23, 2017
May 23, 2017
Reuters
Moody's Investors Service lowered its rating for China's government debt to A1 from Aa3, responding to the likelihood that the debt load will increase. It is the first time the ratings firm has downgraded China's bonds since 1989.
Barron’s
May 29, 2017
According to Bespoke Investment Group, Apple, Facebook, Amazon.com, Microsoft, and Alphabet accounted for 4.6% of the 7.89% point gain this year in the S&P 500.
Barron’s
May 29, 2017
President Trump proposed a $4.1 trillion budget that would cut federal spending by $4.5 trillion over 10 years, with dramatic cuts of more than $800 billion from Medicaid. The plan faced opposition from both Democrats and Republicans.
Reuters
May 19, 2017
. Tax reform looks increasingly unlikely this year as Republican rhetoric shifts to simple tax cuts, says US Sen. Ron Wyden. Both sides of the political aisle contain ample support for tax reform, he says, but the Republican majority has failed to reach consensus on legislation that would clear Congress and gain President Donald Trump's signature.
The Bond Buyer
May 25, 2017
Treasury Secretary Steven Mnuchin indicated the Trump administration's intention to continue a municipal bond tax exemption at a Senate Finance Committee hearing on the fiscal 2018 budget and tax reform. "Our preference is strongly to keep the interest deductibility of state and local bonds," Mnuchin said.

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