● Americana: A 400-Year History of American Capitalism
By Bhu Srinivasan
Review via The Economist
Bhu Srinivasan’s new book, “Americana”, is a delightful tour through the businesses and industries that turned America into the biggest economy in the world. Not only is the book written in a light and informative style, it is cleverly constructed. Each chapter has a theme—tobacco, cotton, steam, oil, bootlegging, mobile telephones and so on—and these themes are organised to lead the reader through a chronological history of the American economy.
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There’s a long road ahead for the tax plan rolled out by Republicans this week, but small-cap stock investors are inclined to buy now and ask questions later.
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Enacting GOP’s tax-reform bill face hurdles in Congress: Politico
Final Q2 GDP growth estimate for US ticks up to 3.1%: MarketWatch
US jobless claims up 12k, first rise in three weeks: RTT
US trade deficit slips in Aug on weaker imports: MarketWatch
Kansas City Fed Mfg Index continues to rise at “solid” pace in Sep: KC Fed
Japan’s inflation continues to rebound in August: Bloomberg
S&P 500 edged up to record high on Thursday: Reuters

Forecasters continue to project a moderately slower increase in US economic activity for the third quarter vs. Q2, based on the average estimate for several models and economic surveys compiled by The Capital Spectator. The expected pace is strong enough to keep the economy humming, but the latest numbers suggest that next month’s preliminary Q3 data from the Bureau of Economic Analysis is on track to post a conspicuous slowdown.
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Trump outlines plan for hefty tax cuts: The Hill
US durable goods orders bounce back in August: Reuters
Pending Homes Sales Index for US falls 2.6% in August: CNBC
Extreme weather may trigger surge in wealth-related migration: Bloomberg
$1 billion-a-day price tag for US within a decade if planet heats up: Bloomberg
10-Year Treasury yield rises to 2-month high: MarketWatch

The recent revival in shares of financial stocks has lifted this corner of the US equity market to the top-performing sector for one-year performance, based on a set of ETFs. The change in leadership is also a function of technology’s latest stumble – a slide that’s trimmed the formerly first-place sector’s performance to third for one-year results.
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Fed Chair Yellen says rate hikes will continue despite low inflation: Reuters
President Trump expected to unveil new tax plan: Politico
US Consumer Confidence Index slips in Aug after hurricanes: USA Today
New US home sales fall to 8-month low in August: MarketWatch
Richmond Fed Mfg Index rises in September: Richmond Fed
Gallup’s US economic confidence index held steady last week: Gallup
Global growth improved in Q2 and Q3 outlook is upbeat: FocusEconomics

If you’re confused about the state of the US economy and what it means for monetary policy, you’re not alone. Speeches by Federal Reserve bank presidents on Monday outlined starkly different tones on the inflation outlook, which suggests that the case for more interest-rate hikes in the near term remains muddled.
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N. Korea says it reserves the right to shoot down US bombers: Reuters
Chicago Fed Index reflects slower US growth in August: Chicago Fed
Growth rate in Texas manufacturing sector remains strong in Sep: Dallas Fed
Fed’s Evans says rates should be held steady until inflation heats up: MNI
NY Fed’s Dudley expects import prices will boost US inflation: MarketWatch
Latest Obamacare repeal bill appears doomed: Politico
Demographic trend is keeping interest rates low: San Francisco Fed
Brent oil rises to 2-year high: BBC

Equities in foreign developed markets delivered the strongest gain last week for the major asset classes, based on a set of exchange-traded products. The modest advance marked the sixth increase in as many weeks for these markets.
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