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CROSS CURRENTS LEAD US TO JAPAN

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: Too many cross currents … the U.S. macro picture has becoming blurred. Japan, despite all its problems, may be a safe haven for risk assets at this time. S. Durable Goods Orders fall, despite prior month being revised lower. S....

CORPORATE TAXES DOWN Y/Y

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: S. Tax Receipts up +2.5% Y/Y in June. Japan Trade data worsened in May, thanks to lower exports. Industrial / Factor output weakens in India, Italy and Japan. U.S. TAX RECEIPTS UP +2.5% Y/Y IN JUNE BUT CORPORATE TAXES FELL:...

C&I LOANS ROLL OVER, BUT OUR MODEL TURNS UP

FAST FACTS ABOUT TODAY’S ECONOMIC DATA: C&I Loans are rolling over, and history suggests that’s a POSITIVE. Our GDP Model still forecasts economic acceleration, despite recent weakness in data. Industrial / Factor output weakens in India, Italy and Japan. C&I...

SERVICES ARE ROBUST WHILE FACTORY ORDERS SLIP

“Trump’s ideas for privatizing air traffic control — which recycle a tired Republican plan that both sides of the aisle have rejected — would hand control of one of our nation’s most important assets to special interests and the big airlines.” House Minority Leader,...

PERSONAL INCOME AND SPENDING SLOW

“Two things drive GDP: growth in the labor force and growth in productivity.  The problem is labor force growth is very sluggish. And my own judgment and our economists at the Dallas Fed think it’s going to continue to be sluggish the next 10 years because the...
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