Highlights The House Ways and Means Committee’s tax proposals are a slight positive surprise for investors. They envision raising $1.5 trillion in new revenue, down from expectations of $2.6 trillion. The House’s tax plans…
Over the weekend, North Korean state media reported that Pyongyang successfully tested two new long-range cruise missiles. The range attributed to these missiles gives North Korea the ability to target US military bases in South…
The House Ways and Means Committee delivered a positive surprise to President Biden’s tax plan. In a package released on Monday, the Committee increased the top corporate tax rate to 26.5% from 21% and raised the capital gains…
Congress’ passage of the American Families Act is a keystone of the President Biden’s legislative agenda. However, to pay for the additional spending, Democrats will seek to levy more taxes on corporations and higher-income…
Highlights Canada has been a G10 leader in innoculating its population. This should allow economic activity to resume, boosting the CAD/USD. A cresting in COVID-19 infections should permit the Bank of Canada to reintroduce a hawkish…
Thursday's ECB meeting concluded with a decision to "moderately" reduce the pace of asset purchases under the PEPP in the final quarter of 2021. The decision to pare back the pace of purchases is in line with the ECB's…
Highlights Economic policy uncertainty is rising in the US and will generate volatility this fall. But by the end of the year the result should be more fiscal reflation. Biden’s approval rating is now “underwater”…
Highlights An Iran crisis is imminent. We still think a US-Iran détente is possible but our conviction is lower until Biden makes a successful show of force. Oil prices will be volatile. Fiscal drag is a risk to the cyclical…
Germany's center-left Social Democrats (SPD) have jumped ahead of Merkel's conservative Christian Democratic Union/Christian Social Union (CDU/CSU) bloc and are now leading in opinion polling for the upcoming September 26…