Publications

The Wall Street Journal reports that the White House today will unveil its long-awaited infrastructure spending bill. The bill is expected to propose $200 billion in federal spending that will be aimed at encouraging states and cities to find other sources of revenue for improving railways, airports, and other infrastructure. WSJ

According to the Wall Street Journal, OPEC has raised its crude oil supply forecast for this year due to booming U.S. shale production. OPEC raised its growth forecast for supply from producers outside the cartel to roughly 1.4 million barrels per day for 2018 due to record U.S. production, which has been supported by healthy worldwide economic demand. WSJ

The Wall Street Journal reports that economic forecasters still see the U.S. economy gathering steam this year despite recent financial market volatility.  Market watchers also still expect three or four Fed rate hikes this year, which could contribute to further turmoil in financial markets around the world. WSJ

According to the Wall Street Journal, the House of Representatives passed a two-year budget deal and a stopgap spending bill early this morning, bringing an end to a brief government shutdown. The agreement will boost spending on both military and domestic programs by nearly $300 billion and will also suspend the debt ceiling. WSJ

The Wall Street Journal reports that despite the recent turmoil in financial markets, Fed officials are standing by their expectations of three rate hikes this year. Dallas Fed President Robert Kaplan also said that he believes it is healthy that there has been some correction and more volatility in financial markets. WSJ

According to the Financial Times, the U.S. Senate has agreed to a bipartisan budget deal that would keep the federal government funded for two years if it were to become law. The agreement would lift the spending caps for both defense and non-defense discretionary spending, but has received significant opposition from members of Congress who are concerned with exploding budget deficits and worsening federal debt. FT

The Wall Street Journal reports that China has filed a complaint with the World Trade Organization over the recent U.S. tariffs on solar panels and washing machines. China contends that the tariffs do not follow international trade rules, and the country seeks compensation from the U.S. as a result. WSJ

According to the Wall Street Journal, Treasury Secretary Mnuchin said yesterday that the recent decline in the stock market does not overly concern him. Mnuchin said that he believes that the U.S.’ economic fundamentals remain strong and that the decline was in part due to algorithmic trading. WSJ

The Job Openings and Labor Turnover Survey (“JOLTS”), a closely-watched measure of labor market health, indicated there were 5.8 million job openings at the end of December, down slightly from November.  Hires held at 5.5 million while the quits rate ticked up 0.1 percentage point to 2.2%.  BLS Report

The Wall Street Journal reports that U.S. farmers are producing far too much wheat and corn, worsening the global supply glut. Farmers who have invested significant amounts of capital in machinery and equipment have little ability to scale production up or down on short notice, which has caused some agricultural commodity prices to tumble since 2014. WSJ

According to the Wall Street Journal, a new study by the United Nations finds that the recent U.S. tax cuts will offer a limited boost to foreign investment in the U.S. The report finds only a mild boost to foreign investment in the U.S. after the tax cuts because so many foreign-based firms were already paying lower tax rates by taking advantage of deductions and loopholes. WSJ