Macro Briefing: 21 November 2017

Justice Dept files lawsuit to block AT&T/Time-Warner merger: Bloomberg
Trump administration ends residency status for 59,000 Haitians: NY Times
Trump promises “huge tax cut for Christmas”: AP
US Leading Economic Index rose more than expected in October: CNBC
Fed Chair Yellen will leave board when successor is sworn in: Reuters
2-Year Treasury yield rises to 1.77%–highest level since 2008:

Macro Briefing: 20 November 2017

Efforts to form a new government in Germany collapse: BBC
Zimbabwe’s Mugabe refuses to step down: Reuters
GOP bets on trickle-down economics in tax plan: USA Today
Japan’s export growth points to continued Q4 economic expansion: Reuters
US housing starts surged in Oct, near post-recession high: MarketWatch
Kansas City Mfg Index slides in Nov but still showing “solid” growth: KC Fed
Goldman Sachs expects 4 interest rate hikes for the US in 2018: Bloomberg
AAII bullish sentiment posts largest one-week decline since 2013: Bespoke

Book Bits | 18 November 2017

Who Can You Trust?: How Technology Brought Us Together and Why It Might Drive Us Apart
By Rachel Botsman
Review via Kirkus Reviews
At a time when trust in institutions—Congress, the church, the media, etc.—is in great jeopardy, another form of trust is quickly becoming the glue that keeps society together. It is called distributed trust, and it involves “people trusting other people through technology,” writes business consultant Botsman (co-author: What’s Mine Is Yours: The Rise of Collaborative Consumption, 2010). Later in the book, she continues, “the rise of multi-billion-dollar companies such as Airbnb and Uber, whose success depends on trust between strangers, is a clear illustration of how trust can now travel through networks and marketplaces.” In an absorbing, story-filled narrative that will leave readers with a new understanding of the phenomenon that drives life in our digital age, the author makes clear that distributed trust—a “confident relationship with the unknown”—now powers such disparate enterprises as Kickstarter and other crowdfunding sites; social media platforms; peer-to-peer lending; online education courses; and Wikipedia and other information-sharing sites. In the case of self-driving cars, we now trust “our very lives to the unseen hand of technology.”
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Macro Briefing: 17 November 2017

House passes tax bill–focus now turns to Senate: Reuters
World’s largest sovereign wealth fund considers selling oil stocks: Bloomberg
US industrial output surges in Oct after hurricane disruptions fade: Reuters
US jobless claims rise to 6-week high: Bloomberg
Confidence among US home builders rises to 7-month high in Nov: Housing Wire
Philly Fed manufacturing index falls in Nov but still signaling growth: RTT
Nasa tool predicts which coastal cities will be flooded from global warming: CNN
Yale’s David Swensen says low stock market vol is “profoundly troubling”: CFR
Will AI’s use in financial markets raise systemic risk? VoxEU
2-Year Treasury yield rises to nine-year high — 1.72%: Reuters

Macro Briefing: 16 November 2017

Johnson is the first GOP senator to oppose tax-reform bill: Politico
US retail sales rose a moderate 4.6% for y-o-y change through Oct: USA Today
US core inflation up 1.8% y-o-y in Oct–first acceleration since Jan: Bloomberg
NY Fed Mfg Index falls but still pointing to healthy growth: RTT
Year-ahead business inflation expectations inch up to 2.0%: Atlanta Fed
Business inventories in US unchanged in Sep: Reuters
A handshake suggests warmer relations between China and Japan : NY Times
Will global economic growth keep the bull market humming? MarketWatch
S&P 500 slumps to a three-week low: Bloomberg