New York's billionaire hedge fund managers have blazed the trail south in recent years with the likes of David Tepper, Paul Tudor Jones and Eddie Lampert all ditching the Empire State for Florida...a state which brings not only pristine beaches and year-round golf weather but also the added benefit of a 0% personal income tax rate.
Jerome Powell, President Trump’s nominee to head the Fed, has released the text of remarks he’ll deliver Tuesday in a confirmation hearing before the Senate Banking Committee.
Powell said he expected the central bank to continue raising its benchmark interest rate and trimming its balance sheet under his leadership, but had some pointed comments over deregulation, economic stability, and the plunge protection team...
Via The Fed,
Whatever you do - remember "all is well"
Dow ended higher (with MMM and HD the biggest drivers) as Trannies, Small Caps (ugly into the close), and the Nasdaq red with S&P clinging to unchanged...until the very last minute...
Authored by Jim Quinn via The Burning Platform blog,
I know some people don’t like charts, but I think they tell stories. The two charts below tell a story the mainstream media, Trump, Wall Street, and the Deep State don’t want revealed.
The first chart shows the year over year percentage change in personal income taxes collected by the Federal government and the second chart shows the year over year percentage change in corporate income taxes collected by the Federal government.
While not quite as damning as its 2018 credit forecast, Morgan Stanley's chief equity strategist Michael Wilson released his 2018 equity outlook this morning, and unlike his last full year forecast which in retrospect was surprisingly accurate, is far more contained, if not outright pessimistic. Wilson himself is quick to remark on just how much conditions have changed over the past 11 months: