November 13, 2018
WHAT’S HAPPENING AROUND HERE
As a kick-off to the holiday season, Bridge Street Town Centre will light up like a winter wonderland to welcome Santa and celebrate its 10-year anniversary on Friday, November 16th. There will be music and strolling Victorian carolers will add to the evening’s merriment. After the 45-foot Christmas tree is lit, view the spectacular fireworks display from the lake choreographed to holiday music. Time: 4:30 pm music, 6 pm tree lighting, 6:30 pm fireworks
THIS WEEK’S ECONOMIC DATA
- Job openings slipped in September from a record 7.3 million in August.
- Weekly jobless claims fell slightly in the latest reporting period and remained at a 45-year low.
ECONOMY AND EQUITY MARKETS
Democrats seized control of the House of Representatives from the Republican Party this week in midterm elections. As of Friday, 11 House races and two Senate races had yet to declare a winner – and Mississippi will hold a run-off election on Nov. 27. The race for Georgia’s governor has not been decided and an automatic recount is possible in Florida.
U.S. businesses are paying much more in tariffs than they did last year, due mainly to President Donald Trump’s aggressive trade policies. U.S. businesses shelled out $4.4 billion in tariffs in September, a surge of more than 50% from the same month a year ago.
In its first meeting since October’s market turmoil and the midterm elections, the U.S. Federal Reserve (Fed) unanimously approved keeping the federal funds rate in a range of 2.00-2.25%. Markets figured the central bank would hold the line at this meeting and expect a quarter-point hike in December, which would be the fourth of the year.
INSIDE THE LOOP
Global Rebalancing – Volkswagen AG plans to add a crossover costing about $21,000 to its all-electric I.D. range, expanding its lineup of zero-emissions vehicles that are more affordable than those of Tesla Inc. Sales could start after 2020 and the company expects to sell about 200,000 per year. That would put it on par with current production levels of the more-expensive Tesla Model 3, the U.S. electric-car leader’s most affordable vehicle, which is due to arrive in Europe next year.
The Number Alexa Can’t Dial – Amazon’s Echo and other smart speakers can make calls for you, but there’s one number they can’t dial: 911. Google Home and Amazon Echo devices are now installed in 20 million U.S. homes, and calling emergency services seems to be a natural use. But there are “regulatory and technical reasons” that the devices can’t contact emergency services. One is financial: Devices that can call 911 are subject to a monthly regulatory fee, which varies by state and ranges from 25 cents to $3. Charges for emergency call buttons designed for the elderly are much greater, about $40 a month.
Not Bad Starting Pay – Elite private equity firms are now paying $300,000 for starting analysts, or “22-year-old spreadsheet crunchers.” Most only recently graduated from college, and are completing two-year stints at investment banks.
Wednesday: Consumer Price Index
Thursday: Weekly jobless claims, Retail sales
Friday: Industrial production
|Index||Started Week||Ended Week||Change||% Change||YTD %|
QUOTE OF THE WEEK
“No arsenal, or no weapon in the arsenals of the world, is as formidable as the will and moral courage of free men and women.” Ronald Reagan
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*Economy and Equity Markets…(Source: CNBC, CNN)
*Fixed Income…(Source: CNBC)
*Global Rebalancing…(Source: Bloomberg)
*The Number Alexa Can’t Dial…(Source: The Wall Street Journal)
*Not Bad Starting Pay…(Source: The Wall Street Journal)