Haver
December 21, 2017
Economic growth was revised to 3.2% (AR, 2.3% y/y) during Q3'17 from a 3.3% second estimate released last month. It was the strongest growth since Q1'15. Expectations had been for 3.3% growth in the Action Economics Forecast Survey.
Haver
December 20, 2017
The National Association of Realtors reported that sales of existing homes increased 5.6% (3.8% y/y) to 5.810 million (AR) during November. It was the highest level of sales since December 2006. The rise followed a little-revised 2.4% October gain to 5.500 million. Expectations were for 5.500 million sales in the Action Economics Forecast Survey.
Haver
December 22, 2017
Sales of new single-family homes jumped 17.5% (26.6% y/y) to 733,000 (SAAR) during November following 624,000 sales in October, revised from 685,000. Sales were at the highest level since July 2007. Expectations in the Action Economics Forecast Survey had been for 650,000 sales.
Bloomberg
December 18, 2017
French Finance Minister Bruno Le Maire has proposed an appeal to Group of 20 counterparts for joint bitcoin regulation, a move Germany supports. "It makes sense to discuss the speculative risks of virtual currencies and their impact on the financial system at international level," according to the German Finance Ministry.
Barron’s
December 25, 2017
Unlike a stock, bond, or real estate, a cryptocurrency has no value, with no cash flow or future streams of income. The value is simply what the next buyer is willing to pay, otherwise known as the greater fool theory. The real risk is regulatory. Governments around the world will gradually see the cryptocurrencies as a threat to their fiat currencies and policies.
Barron’s
December 25, 2017
Small-cap stocks were supposed to be the big beneficiaries of the tax overhaul, thanks to their higher tax rates. However, nearly a third of the companies in the Russell 2000 have no income, thus nothing to pay taxes on, while others will be hit due to limits on interest deductibility.
Barron’s
December 25, 2017
The proximate cause for increased volatility next year could be a decline in global central-bank liquidity, with the ECB possibly joining the Federal Reserve in beginning to reduce the size of its balance sheet in September, which will begin a new experiment in quantitative tightening.
Michelle Girard, NatWest/Barron’s
December 25, 2017
“While inflation is expected to firm, we believe that the risk of a meaningful overshoot is low. We believe the FOMC will remain on the current policy normalization path, raising rates at a once per quarter pace in 2018.”
Fox Business/Dow Jones Newswires
December 26, 2017
With the labor market strong and shoppers' confidence high, US retail sales this holiday season rose at the highest pace since 2011, according to data from Mastercard SpendingPulse. Overall sales, minus those for autos, were up 4.9%, topping last year's 3.7% increase.
Risk
December 21, 2017
Bitcoin futures contracts, which trade at Cboe Global Markets and CME Group, are based on a price-setting system that is too easily manipulated, market participants say. The Cboe price is based on data from one exchange, and while the CME price draws from four, they cover about 40% of the market.

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