US economic growth was revised up to a 3.3% pace in yesterday second GDP estimate for the third quarter – the strongest quarterly rise in three years. Fourth-quarter estimates look upbeat too, holding out the possibility that output will rise by 3%-plus for three quarters in a row. If the Q4 prediction is correct, the US will post its best cumulative three-month advance since the 2014:Q3-2015:Q1 run.
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GOP tax bill moves closer to final vote in Senate: Reuters
Trump nominates Marvin Goodfriend to Fed’s board of governors: NY Times
OPEC expected to extend oil production cuts: Reuters
Fed Chair Yellen tells Congress recovery is “increasingly broad based”: Reuters
Q3 GDP growth revised up to 3.3%–highest in 3 years: Bloomberg
Pending homes sales revives 3.5% after post-hurricane bounce-back: CNBC
2-year Treasury yield ticks up to new post-recession high — 1.78%: Treasury.gov

North Korea on Wednesday announced that it had launched another missile to test its nuclear-strike capability, which reportedly can now reach the United States. Should we be concerned? Yes, of course. For obvious reasons, every citizen of Planet Earth should be alarmed when a war-mongering government threatens to use nuclear weapons. But as investors, Kim Jong Un’s provocations should be treated as noise.
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North Korea tests missile that could hit the US: CNN
GOP tax bill clears another hurdle in Senate Budget Committee: RTT
Risk of US gov’t shutdown rising as Trump and Dems bicker: The Hill
Powell tells Congress that case is strengthening for rate hike: Bloomberg
Nat’l Retail Federation: Holiday shopping off to a strong start: MNI
Consumer Confidence Index for US rises to 17-year high: Bloomberg
US home price index rises 6.2% y-o-y in Sep, beating expectations: CNBC
Strong gain for FHFA house price gauge in Q3: Builder
Richmond Fed mfg index rises to 24-year high in Nov: Richmond Fed

US economic growth in the fourth quarter is expected to hold at or near the solid 3% pace that’s been reported in Q2 and Q3, according to several recent forecasts. If the outlook is accurate, US GDP growth could post its strongest and longest run of quarterly increases in over a decade.
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Radio signals hint at upcoming N. Korean nuclear test: Reuters
Two GOP senators could prevent tax bill from a vote: Reuters
Incoming Fed chief expects “rates to rise somewhat further” Bloomberg
Manufacturing growth rate slows in Texas but still “solid”: Dallas Fed
S&P maintains “stable” rating on India’s debt: RTT
Japan’s government: economy remains “in a moderate recovery”: MNI
Bitcoin at $40,000? Hedge fund manager thinks it’s possible: CNBC
Crash risk for Bitcoin is 80%: MarketWatch
How to short Bitcoin: Bloomberg
New home sales surge in October, rising to 10-year high: Reuters

Buyers lifted prices in all the major asset classes last week, based on a set of exchange-traded products. The gains mark the first run of uniformly positive weekly results in three months.
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Indonesia authorities call for 100,000 to evacuate after volcano erupts: Guardian
A possible gov’t shutdown and other challenges confront Congress in Dec: Politico
Holiday shopping season starts strong, driven by strong rise in online sales: RTT
ECB warns that “fake data” threatens economic and financial stability: Reuters
South Africa’s credit rating cut to junk status by S&P: RTT
US growth eases in Nov via PMI data but still running at “solid” pace: IHS Markit
Bitcoin approaching $10,000: Bloomberg
Drilling triggers a surge in earthquakes in Texas and other states: SciAm

Technology shares have surged recently, leaving the rest of US equity sectors in the dust, based on a set of ETFs. Sector leadership appeared to be shifting to tech from financials at the end of last month. Nearly four weeks later, the transition is complete and there’s no doubt which sector dominates the upside momentum rankings for one-year performances.
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