Publications

The Wall Street Journal reports that President Trump has nominated Marvin Goodfriend for a spot on the Federal Reserve Board of Governors. Goodfriend is a former Federal Reserve economist who has previously advocated for Congressional oversight of the Federal Reserve and also recommends that the Fed compare policy decisions against the so-called “Taylor Rule.” WSJ

According to the Wall Street Journal, Senate Republicans are considering a corporate tax rate above 20%. Some Republicans have said that cutting the corporate rate to 21% or 22% would make the tax bill more palatable for members of Congress worried about the bill’s effects on the deficit, though other Senate Republicans and the White House have indicated that the 20% rate is nonnegotiable. WSJ

The Financial Times reports that the Trump administration has launched an anti-dumping investigation against China, the first such investigation initiated in over 25 years. The investigation will center on aluminum imports from China, and has been self-initiated by the Commerce Department instead of being requested by U.S. industry members. FT

According to the Wall Street Journal, Federal Reserve Chair Janet Yellen says that the Fed will continue its path of gradual rate increases. Fed officials have offered little push-back on market expectations of another rate hike in December, and Yellen also said that recent, sluggish inflation is likely transitory. WSJ

The Wall Street Journal reports that the OECD says that the global economy is on track for its best year of growth since 2010. While the OECD also said that growth should accelerate further in 2018, the research group believes that measures to encourage business investment are necessary in order to ensure that growth doesn’t slow in the medium term. WSJ

Christina Rexrode of The Wall Street Journal writes that despite recent, robust economic activity, lending to U.S. businesses has been decelerating steadily. Continued weakness in business lending has surprised many market-watchers, who say that a brightening economy, tight labor market, and accelerating business investment should all drive businesses to borrow more. WSJ

The Wall Street Journal reports that the current Republican tax plan may make it more difficult for cities and states to refinance outstanding debt. The current tax plan is likely to eliminate exemptions for so-called advanced refunding bonds, which allow governments to refinance existing debt earlier to take advantage of low interest rates. WSJ

According to The Wall Street Journal, Federal Reserve governor Jerome Powell is expected to face little opposition during his confirmation hearing this week. While Fed officials in the past have been questioned extensively about efforts to stimulate the American economy and prop up the financial system after the recent crisis, Powell has enjoyed bipartisan support that is likely to ensure a smooth confirmation process. WSJ

The Wall Street Journal reports that Fed chair Janet Yellen is not certain whether current, low inflation is transitory. Yellen says that she is keeping an open mind about inflation and also believes that the economy is reasonably close to the central bank’s dual mandate of maximum employment and price stability. WSJ