Publications

The Wall Street Journal reports that Fed Chair Janet Yellen will resign from the Fed’s board of governors after her term as chair ends. Though Yellen’s term as governor does not expire until 2024, it is customary for an outgoing Fed chair to also step down from the board of governors, which will leave four open spots on the board for the current administration to fill. WSJ

According to The Wall Street Journal, merger and acquisition activity has taken off in the U.S. in recent months. The leaders of companies that are contributing to this surge say that they are pursuing these deals to establish a bulwark against large technology firms, who are gaining an ever-increasing share of market power. WSJ

Sharon Nunn of The Wall Street Journal writes that although Tennessee’s unemployment rate has fallen sharply in recent months, much of the decline is due to people leaving the workforce. Nunn highlights the issues of educational attainment and health outcomes, two factors that have caused individuals to fall out of the labor force and may make the labor market appear healthier than other measures would suggest. WSJ

The Wall Street Journal reports that the Trump administration is increasing scrutiny in the employment-visa application process, which could make it harder for businesses to hire foreign workers. Some business leaders have expressed concern that they will be unable to hire highly-skilled workers who are currently in short supply, while administration officials say that they are adding much-needed security to the application process. WSJ

The Wall Street Journal reports that House Republicans have passed their tax reform bill. Now that the House has passed its bill, the Senate must pass a bill and then the two chambers must reconcile the differences between the two bills or the House must accept the Senate’s bill in its entirety. WSJ

According to the Wall Street Journal, a new Brookings Institution paper concludes that jobs with the highest degree of digitization over the past decade have seen the fastest wage growth. The findings support the conclusion that when technology does not eliminate an occupation it often complements it, boosting worker productivity and wages. WSJ

Michael S. Derby of the Wall Street Journal writes that San Francisco Fed President John Williams argues that policymakers need to rethink how they conduct monetary policy in a changing economic and financial landscape. Williams says that the current low interest rate environment will leave the Fed little room to cut rates in the event of another economic downturn, so policymakers should consider other options for combating a recession. WSJ

The Wall Street Journal reports that the top trade officials from the U.S., Canada, and Mexico will not attend the next round of NAFTA negotiations. Although officials have targeted March 2018 for the conclusion of the talks, the three nations have made little meaningful progress towards an agreement on how to reform NAFTA. WSJ

According to The Wall Street Journal, the Treasury Department plans to increase the share of short-term debt it issues while reducing its long-term debt issuance. The Treasury hopes to reduce some of the upward pressure on long-term debt yields, a pressure that is expected to worsen as the Federal Reserve continues to reduce the size of its balance sheet in the coming years. WSJ

The Wall Street Journal reports that Chicago Fed President Charles Evans says that he has some concerns that persistently weak inflation may be more permanent than others believe. Evans also says that he is keeping an open mind about voting for a rate increase at the next FOMC meeting despite strong market expectations of a rate hike. WSJ