U.S. Economic News

August 28, 2017

U.S. Economic Indicators

The U.S. Census Bureau Advance Economic Indicators Report shows that the goods deficit increased 1.7% in July.  Meanwhile, wholesale inventories rose 0.4% while retail inventories fell 0.2%.  Census Bureau Report

U.S. News

The Wall Street Journal reports that Federal Reserve Bank of Dallas President Robert Kaplan believes the Fed should begin shrinking its balance sheet “very soon.”  The statement comes in advance of the Fed’s September policy meeting, after which officials are expected to announce the balance sheet reduction, though persistently weak inflation has forced some officials to reevaluate that timeline. WSJ

According to the Wall Street Journal, some large U.S. companies oppose a proposal by Congressional Republicans to establish a minimum corporate tax on both domestic and foreign profits. The companies said in a comment letter to the Senate Finance Committee that the proposed tax would disproportionately burden American companies and favor foreign-based firms. WSJ

Sam Fleming of the Financial Times reports that Cleveland Fed President Loretta Mester believes recent, weak inflation is not a sign of weakness in the U.S. economy and should not interrupt the current pace of rate hikes. Mester also contended that the Fed should act to raise interest rates to get ahead of any sudden inflation spikes. FT

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