Key data releases this week include: personal income and spending (Mon.), consumer confidence (Tue), ISM manufacturing (Wed), FOMC rate decision (Wed), ISM non-manufacturing (Fri), and nonfarm payrolls.
Haver
October 27, 2017
Economic growth of 3.0% (2.3% y/y) during Q3'17 roughly matched growth during Q2. Together, these were the firmest quarters since the middle of 2014. The latest figure surpassed expectations for a 2.6% rise in the Action Economics Forecast Survey.
Haver
October 25, 2017
Sales of new single-family homes increased 18.9% (17.0% y/y) during September to 667,000 (AR) from 561,000 in August, revised from 560,000. September sales were at the highest level since October 2007. Expectations in the Action Economics Forecast Survey had been for 550,000 sales.
Haver
October 25, 2017
The Federal Housing Finance Agency's (FHFA) index of U.S. house prices rose 6.6% y/y during August, roughly the same as during the last three months. This compared to a peak 7.1% y/y gain in April. During the last three months, prices improved at a slower 4.8% annual rate.
Deutsche Welle/Agence France-Presse/Reuters
October 26, 2017
The Guardian
Thursday, October 26, 2017
October 27, 2017
Politico Pro
The European Central Bank is cutting its asset purchases to €30 billion a month from €60 billion a month, but said its quantitative-easing efforts will continue until the end of September 2018. Concerned about the slow pace at which inflation is rising, the ECB said bond buying could continue beyond September "until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim."
South China Morning Post
October 26, 2017
An aide to Chinese President Xi Jinping said Xi had an important reason to avoid mentioning a GDP target during his speech opening the Communist Party congress. The omission was a signal that the quality of economic growth is more important than how quickly it is accomplished, said Yang Weimin of the Central Leading Group on Financial and Economic Affairs.
Barron’s
October 30, 2017
The equity market’s recent strength has been supported by stronger global growth, higher earnings, and less regulatory pressure, according to Jason Trennert of Strategas Research.
Barron’s
October 30, 2017
The final outcome of Republican-led tax cuts is still a wild card. In the event it gets done, companies like Microsoft (MSFT), Oracle (ORCL) and Cisco Systems (CSCO) should benefit, given overseas cash may come back at a lower tax rate when all is said and done. The repatriated cash could boost dividend yields.
Barron’s
October 30, 2017
While the hurricanes may have weighed on the economy’s third quarter growth rate, which came in at 3%, the rebuilding effort is likely to give it a boost in the fourth.
Reuters
October 29, 2017
The Washington Post
Sunday, October 29, 2017
Lobbying groups are becoming vocal about opposition to parts of President Donald Trump's tax proposal. The National Association of Home Builders says it will fight an attempt to reduce a mortgage deduction, and state and local governments, unions and real estate firms say they will fight elimination of a deduction for state and local taxes.

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