The Trump tax challenge

Republican leaders from the White House and Congress on 28 September introduced the much-anticipated unified framework for tax reform. The nine-page framework comes after weeks of discussion and is successor to the one-page proposal the White House introduced in April. However, stripping out the buzzwords, it is really still just one page long and contains…

United States: The vacancies on Constitution Avenue

There are now four vacancies on the Federal Reserve Board, and with Chair Yellen also up for reappointment President Trump could have a lasting impact on US monetary policy. I don’t expect Yellen to be reappointed – and the Federal Reserve reaction function is likely to shift somewhat in a hawkish direction making the dot…

A kick to the German status quo

The German election was a disaster for the center-left SPD and a setback for the conservative CDU/CSU and Chancellor Merkel. The governing coalition’s loss of 14 percentage points comes at a time when economic confidence is at its highest in more than 20 years. A full 84% of voters think that economic conditions are good…