Publications

The Wall Street Journal reports that the Federal Reserve voted to raise interest rates again at its recent meeting. The Fed also indicated that they expect to raise rates three more times in 2018, and that GDP growth would be 2.5% next year, up from the Fed’s 2.1% estimate in September. WSJ

According to The Wall Street Journal, economists expect the Fed to raise interest rates at their meeting this week and hike rates three more times in 2018. Expectations of higher interest rates have grown in recent months as the U.S. labor market continues to post solid job gains and the unemployment rate hovers near multi-decade lows. WSJ

The Wall Street Journal reports that Congressional Republicans are moving closer to a deal on a tax reform bill. The new bill may include a corporate tax rate of 21% or 22%, a mortgage-interest deduction capped at loans of up to $750,000, and a lower top individual tax rate. WSJ

Benoit Faucon of The Wall Street Journal writes that OPEC production in November fell to its lowest point in sixth months, but U.S. producers largely filled that gap. OPEC expects U.S. production to grow by more than one million barrels per day in 2018 due to investment in shale plays and increasing well efficiency. WSJ

Paul Hannon of The Wall Street Journal reports that the OECD says that the unemployment rate in the world’s developed economies has returned to its pre-financial crisis levels. While the unemployment rate has returned to pre-crisis levels, the OECD cautions that there still remain 2.5 million more people without jobs compared to just before the financial crisis. WSJ

The Wall Street Journal reports that although the unemployment rate has fallen to a 17-year low, the rate at which employers are hiring has yet to break out. The hiring rate has held in a narrow range since mid-2014 even as the unemployment rate has fallen, which may suggest that employers are unable to find qualified workers to fill open positions. WSJ

The Job Openings and Labor Turnover Survey (“JOLTS”), a closely-watched measure of labor market health, indicated there were 6.0 million job openings at the end of October, down slightly from September.  Hires rose to 5.6 million and the quits rate held steady at 2.2%.  BLS Report

The Wall Street Journal reports that the Treasury Department says that the Republican economic agenda will generate enough economic growth to completely pay for the proposed tax cuts. Treasury officials say that the proposed tax plan will increase long-run annual growth to 2.9% from 2.2%, which is far above the modest increase that Congress’ official scorekeeper, The Joint Committee for Taxation, expects the tax plan to generate. WSJ

According to The Wall Street Journal, the White House is planning to roll out an infrastructure plan in January that will direct $200 billion or more of federal money to various projects. Infrastructure spending is seen as having broad-based, bipartisan support, though some worry that spending hawks in Congress may be unwilling to accept further widening of the federal deficit, especially if the current tax reform bill passes. WSJ

The Wall Street Journal reports that Congress passed a two-week spending bill yesterday to extend government funding through December 22. Congressional leaders will have to iron out a two-year budget agreement before passing a spending bill that would extend through the rest of the fiscal year. WSJ