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United States

Report | Economic insight for October 25, 2017

Summary

All eyes were on economic policy last week. Congress continued to move forward with its 2018 budget plan. Although spending items will change at the margin, the primary purpose of the plan was to enable potential tax reform. We continue to believe there’s a 50-50 chance of legislation passing this year, but the path forward won’t be easy. Meanwhile, the president may soon announce his pick for the next Fed chair. The announcement is eagerly anticipating the announcement because the choice could have a large impact on monetary policy. The data that was released last week continued to show disruptions due to the hurricanes, but the key release will come this week when third-quarter GDP is announced. That’s when we’ll find out how damaging those storms were to economic growth.  

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