Authored by Raul Ilargi Meijer via The Automatic Earth blog,
You would think, certainly if you were as naive and innocent as I am, that when you get offered the job of Chair of the Federal Reserve, you must be sure, before accepting, that you have the credentials and the knowledge required. If you don’t, it looks as if you don’t take the job seriously. Janet Yellen, who’s been Chair since January 2014, doesn’t seem to agree.
Amid record crude exports, DOE reported a surprise draw for crude inventories and surprise build for gasoline inventories which along with another rise in crude production sent both WTI and RBOB lower in the initial market reaction.
DOE
Production continue to rebound...
The Kneejerk reaction is a drop in both crude and gasoline prices...
This afternoon, during a speech in Indianapolis, President Trump was expected to reveal, for the first time, the details of the long-anticipated Republican tax reform proposal that calls for substantial business and individual tax cuts. But in a political era where every little thing is leaked to the media, we no longer have to wait for presidential speeches to learn the details of key pieces of legislation. As such, below is a 9-page summary of Trump's tax plan courtesy of Bloomberg.
Here are the highlights:
GOALS
This afternoon, during a speech in Indianapolis, President Trump will unveil the long-anticipated Republican tax reform proposal that calls for substantial business and individual tax cuts. As has been leaked previously, the tax plan is anticipated to disclose a 35% individual tax rate (although Congress may push it higher), a tax rate on corporations and pass thrus that will be around 20% and 25% respectively, while doubling the standard deduction to $12,000 for individuals.
After dismal drops in existing and new home sales, this morning's pending home sales data for August was a disaster, tumbling 2.6% MoM (3.1% YoY) to its lowest SAAR since January 2016.
This is the second YoY decline in sales in a row, with SAAR tumbling to its lowest since Jan 2016...
Lawrence Yun, NAR chief economist, says this summer’s terribly low supply levels have officially drained all of the housing market’s momentum over the past year.