1
FOMC Minutes: "A patient approach ... would likely remain appropriate for some time"
From the Fed: Minutes of the Federal Open Market Committee, April 30, 2019,
and continued on Wednesday, May 1, 2019. A few excerpts:
Participants discussed the potential policy implications of continued low
inflation readings. *Many participants viewed the recent dip in PCE
inflation as likely to be transitory*, and participants generally
anticipated that a patient approach to policy adjustments was likely to be
consistent with sustained expansion of economic activity, strong labor
market conditions, and inflation near the Committee's symmetric 2 percent
objective. Several particip... more »
No changes.
2
Trump Walks Out on Pelosi and Schumer After 3 Minutes
After Speaker Nancy Pelosi accused him of a “cover-up,” the president said
he would not work with Democrats until they stopped their “phony
investigations.”
No changes.
3
Nancy Pelosi, Trying to Walk a Middle Path, Accuses Trump of a ‘Cover-Up’
Speaker Nancy Pelosi’s accusation was intended to slow the building
momentum toward opening an impeachment inquiry among Democrats, but it set
off the president.
Stonewalling looks like a coverup.
4
Trump’s Battles: Today’s State of Play
NYT > Politics - 3 hours ago
Here are the latest developments on the fights over President Trump’s
taxes, access to the full Mueller report and more.
The lawyers are fighting a holding action.
6
Philly Fed: State Coincident Indexes increased in 44 states in April
From the Philly Fed:
The Federal Reserve Bank of Philadelphia has released the coincident
indexes for the 50 states for April 2019. Over the past three months, the
indexes increased in 46 states and decreased in four, for a three-month
diffusion index of 84. *In the past month, the indexes increased in 44
states*, decreased in four states, and remained stable in two, for a
one-month diffusion index of 80.
emphasis added
Note: These are coincident indexes constructed from state employment data.
An explanation from the Philly Fed:
The coincident indexes combine four state-level in... more »
More of the baby boom has retired.
7
Justice Dept. Says It Will Share Some Mueller-Related Intelligence With House Committee
The department could begin handing over counterintelligence and foreign
intelligence related documents as soon as this week.
The House is winning.
8
Mnuchin Dismisses I.R.S. Memo Saying Treasury Must Release Trump Tax Returns
The Treasury secretary said it would be “unlawful” for him to release the
president’s tax returns to Congress.
The story has been taken down.
9
How ‘The View’ Became the Most Important Political TV Show in America
Not long ago, politicians didn’t take the daytime talk show seriously. Now
it’s an essential campaign stop for Democrats and Republicans alike.
People run daytime television as companionship.
Production costs are minimal.
10
AIA: "Slight rebound for architecture billings in April"
Note: This index is a leading indicator primarily for new Commercial Real
Estate (CRE) investment.
From the AIA: Slight rebound for architecture billings in April
Following a sizable decrease in demand for design services in March, the
April Architecture Billings Index (ABI) climbed back into positive
territory according to a new report today from The American Institute of
Architects (AIA).
*AIA’s ABI score for April showed a small increase in design services at
50.5 in April*, which is up from 47.8 in March. Any score above 50
indicates an increase in billings. Additionally, busi... more »
There is some building of rentals.
11
Kirsten Gillibrand Proposes Huge Investments in Maternal Health, Child Care and Education
Ms. Gillibrand’s campaign introduced a plan that would help new families
with everything from diapers and nursery beds to paid leave and
prekindergarten.
She gets elected to the Senate.
12
Trump Is to Visit Ireland in June
The president will meet with Prime Minister Leo Varadkar during an
overnight stay wedged between a state visit to Britain and a D-Day
commemoration in France.
Self promotion.
13
MBA: Mortgage Applications Increased in Latest Weekly Survey
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 2.4 percent from one week earlier,
according to data from the Mortgage Bankers Association’s (MBA) Weekly
Mortgage Applications Survey for the week ending May 17, 2019.
... The Refinance Index increased 8 percent from the previous week. *The
seasonally adjusted Purchase Index decreased 2 percent from one week
earlier*. The unadjusted Purchase Index decreased 3 percent compared with
the previous week and was *7 percent higher than the same week one year ago*
.
...
“*Mortgage rates ... more »
Spring.
14
At a Historic Moment for Asian-American Candidates, Andrew Yang Leans In
One of three presidential candidates with roots in the Asian-American and
Pacific-Islander community, Mr. Yang has unabashedly embraced his heritage.
Get some delegates.
15
Who Is Andrew Yang, the Internet’s Favorite Candidate?
NYT > Politics - 11 hours ago
Andrew Yang, a businessman from New York, is seeking the Democratic
nomination for president. His focus on preventing mass unemployment caused
by the automation of jobs has made him popular online, but will it be
enough to propel him to the White House?
Dream.
16
On Politics: Trump May Impose Limits on Chinese Maker of Surveillance Tech
NYT > Politics - 13 hours ago
The Trump administration could put restrictions on Hikvision to address
trade and human rights issues linked to China’s technology exports and
repression of Muslims.
China is a sovereign nation.
17
Everyone’s Noticed The Oncoming US/China Cold War
Horowitz calls it a tech cold war, but it is unlikely to stay that way.
Cutting Huawei off from all non-open source Google services, including the
play store, and not allowing it to buy US components is a huge blow to
Huawei. Huawei is ahead in 5G, and American allies have been reluctant to
[…]
Yes
18
Anita Hill Worries Female 2020 Candidates Are ‘Not Being Taken Seriously’
In an interview with The Times, Ms. Hill said she was bothered by what she
saw as the presumption that a woman would become vice president.
She has a history.
19
Nationwide Injunctions Speak to Judiciary’s Growing Power, Barr Says
The broad use of such injunctions illustrates how the federal district
courts have undermined executive authority, the attorney general said in a
speech on Tuesday evening.
Trump is not above the law.
20
Trump Shifts Gears on Infrastructure, Demanding Trade Come First
On the eve of a meeting with Democratic leaders, President Trump insisted
they put aside a plan to rebuild roads and airports until after passing a
new trade pact with Mexico and Canada.
Bait and switch.
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