U.S. Economic News
December 13, 2017
U.S. Economic Indicators
Consumer prices rose 0.4% in November (up 2.2% on the year), mainly due to increases in energy costs. The “core” CPI, which excludes food and energy, edged up 0.1% in November and is up 1.7% on the year. BLS Report
U.S. News
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