● The Myth of Millionaire Tax Flight: How Place Still Matters for the Rich
By Cristobal Young
Summary via publisher (Stanford University Press)
In this age of globalization, many countries and U.S. states are worried about the tax flight of the rich. As income inequality grows and U.S. states consider raising taxes on their wealthiest residents, there is a palpable concern that these high rollers will board their private jets and fly away, taking their wealth with them. Many assume that the importance of location to a person’s success is at an all-time low. Cristobal Young, however, makes the surprising argument that location is very important to the world’s richest people. Frequently, he says, place has a great deal to do with how they make their millions.
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Private payrolls in the US posted a solid gain last month, marking a dramatic improvement after September’s nearly flat increase. Companies added 252,000 workers in October, according to this morning’s release from the Labor Department – a robust revival vs. the trivial 15,000 rise in the previous month.
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It’s no secret that global interest rates have been low in recent years, but a recent study by the Bank of England (BoE) finds that the decline exceeds records going back to the 13^th century. Piecing together a new dataset, the research advises that the latest bond bull market that’s driven yields down is even more extraordinary than previously known.
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Trump picks Jerome Powell to head Federal Reserve: NY Times
House Republicans roll out tax-cut plan: CBS News
Will the new tax plan boost economic growth? CSM
US jobless claims fell last week, close to a 44-1/2 year low: Reuters
Job cut announcements by US firms continue to trend down: Challenger Gray
Economists expect US Q4 GDP growth of 2.9%, down from Q3’s 3.0%: CNBC
US productivity beats expectations; rises 3.0% in Q3: RTT
Global Mfg PMI ticks up in Oct to 6-1/2 year high: IHS Markit

The Global Market Index (GMI) — an unmanaged, market-value weighted portfolio comprised of the major asset classes — is expected to earn an annualized 4.8% risk premium (return over the “risk-free” rate) in the long run, based on analysis of data through Oct. 2017.
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Trump expected to name Powell as next Fed chair today: Politico
Amazon buys cryptocurrency domain names: CNBC
ADP’s estimate of US job growth rebounds sharply in Oct: USA Today
Fed leaves rates unchanged; hints at hike in Dec: CNBC
ISM Mfg Index eases in Oct but sector’s growth for US still healthy: Reuters
US construction spending up 0.3% in Sep, rising 2.0% vs. year-ago level: AP
The case for applying behavioral economics in macroeconomics: VoxEU
US Mfg PMI rises to 9-month high, reflecting “strong” conditions: IHS Markit

Companies added a sharply higher number of workers in October, according to this morning’s ADP Employment Report. Private employment increased by a strong 235,000, the biggest monthly advance since May. More importantly, the one-year change accelerated to the fastest pace in more than a year – a sign that the near-term outlook for the labor market and the economy remains upbeat.
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Equities in emerging markets bounced back in October after a mild setback at the end of the third quarter. This slice of the global stock market gained 3.5%, posting last month’s strongest performance for the major asset classes. The rest of the field was mostly higher, with losses generally contained to foreign bonds and US real estate investment trusts.
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Terror attack with truck in New York kills eight: NY Times
Japan’s Abe re-elected as prime minister: Nikkei
Federal Reserve expected to keep rates steady today: Reuters
House Republicans delay release of tax reform legislation: Politico
US Consumer Confidence Index in Oct rises to 17-year high: Bloomberg
US employment costs rise at faster rate in Q3: US Labor Dept
House prices in US up sharply in Aug despite slower sales: USA Today
Chicago PMI rises to six-year high in Oct: ISM Chicago
Eurozone GDP growth beats expectations in Q3: RTT