U.S. Economic News
October 30, 2017
U.S. Economic Indicators
Real disposable personal income was unchanged in September while real personal consumption expenditures (PCE) jumped 0.6%. The PCE price index rose 0.4% (1.6% Y/Y) and the core price index inched up 0.1% (1.3% Y/Y). BEA Report
U.S. News
In a Wall Street Journal op-ed Joe Ricketts argues that community banks have become unnecessarily burdened with post-crisis regulations, harming their ability to lend to entrepreneurs. Ricketts contends that smaller community banks should be subject to different regulations than larger financial institutions to ensure that community banks are able to lend more freely. WSJ
The Wall Street Journal reports that The National Association of Homebuilders (“NAHB”) will oppose the House Republicans’ tax bill because the bill eliminates the deduction for mortgage interest payments. The NAHB says that the bill will be harmful to the housing sector, as it will weaken the incentive to own a home, thereby adversely affecting home prices. WSJ
According to the Wall Street Journal President Trump is likely to name Federal Reserve Governor Jerome Powell as the replacement for current Fed chair Janet Yellen. If nominated and confirmed, Powell would take the chair position in February 2018, though President Trump has still left open the possibility of nominating Yellen for another term. WSJ