Drug-resistant typhoid epidemic becoming “global concern”: Ars Technica
S. Korea says it’s discussing peace deal with N. Korea: Reuters
CIA chief met with N. Korea’s Kim Jong-un: NY Times
China’s President Xi planning to visit North Korea, says Chinese official: CNN
Republicans pushing for 2nd tax vote ahead of mid-term elections: Reuters
US housing starts rebound in March, up 10.9% vs. year-earlier level: MarketWatch
Industrial output in US rose more than expected in March: RTT
Analyst says VIX index signaling US stocks will continue to rebound: MarketWatch
BofA: Money managers’ global equity allocations fell to 18-mo low in April: P&I
Over half of next year’s nearly $1 trillion federal deficit due to new laws: CRFB

The difference between the 10-year and 2-year Treasury rates narrowed to 47 44 basis points on Monday (April 16) – the smallest gap since late-2007. The last time this widely followed spread was this close to zero the US economy was close to a recession. Is this indicator flashing a similar warning today? No, according to a broad reading of the economic data, which reflects a healthy trend. The question is whether the narrowing yield spread is still a reliable late-cycle warning that the macro profile will weaken in the months ahead?
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Trump blocks Russia sanctions announced by his UN ambassador: Politico
Japan’s Abe and Trump will discuss N. Korea on Tuesday: Reuters
US retail sales rose sharply in March after 3 monthly declines: MarketWatch
NY Fed Mfg Index growth eases in April; 6-mo outlook plunges: NY Fed
China’s holdings of US Treasuries increased in February: Reuters
China’s economy grew 6.8% y-o-y in Q1, matching Q4’s pace: RTT
China says it will end foreign ownership caps on car firms by 2022: Reuters
US business inventories rose 0.6% in Feb, in line with expectations: RTT
US home builder sentiment strong but edges down in April: HousingWire
Japanese gov’t maintains moderate growth outlook for economy: MNI
Treasury 10yr/2yr yield curve continues to flatten, easing to 44 basis points:

Most of the major asset classes scored gains last week, with broadly defined commodities leading the way, based on a set of exchange-traded products.
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Russia’s Putin: another Western strike on Syria risks global “chaos”: Reuters
US ambassador to UN: new Russia sanctions to be announced soon: CNN
Missile strikes on Syria could strengthen Trump’s hand in N. Korea talks: CNBC
Former FBI Director Comey says Trump unfit to lead nation: The Hill
Is a war brewing for Israel and Iran? NY Times
China and Japan agree that a trade war would hurt global economy: Reuters
Study finds asset managers still “very dependent” on consultants: Inst Inv
US Consumer Sentiment Index falls in April to 3-month low: MarketWatch
Job openings in US drop in Feb but still near record high: Bloomberg

● Can Democracy Survive Global Capitalism?
By Robert Kuttner
Summary via publisher (W.W. Norton)
One of our leading social critics recounts capitalism’s finest hour, and shows us how we might achieve it once again. In the past few decades, the wages of most workers have stagnated, even as productivity increased. Social supports have been cut, while corporations have achieved record profits. Downward mobility has produced political backlash. What is going on? Can Democracy Survive Global Capitalism? argues that neither trade nor immigration nor technological change is responsible for the harm to workers’ prospects. According to Robert Kuttner, global capitalism is to blame. By limiting workers’ rights, liberating bankers, allowing corporations to evade taxation, and preventing nations from assuring economic security, raw capitalism strikes at the very foundation of a healthy democracy.
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Is a death cross near? Yes, according to David Rosenberg, chief economist and strategist at Gluskin Sheff. Citing a laundry list of reasons for this year’s revival in market volatility, he told CNBC this week that the S&P 500’s 50-day average may soon slip below its 200-day average – a so-called death cross that market technicians say would signal a bearish shift for the market outlook.
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Defense Secretary urges caution on possible military strike on Syrian: NY Times
Trump says US may rejoin Pacific trade pact: Reuters
Russian lawmakers propose ban on list of US imports: Reuters
US jobless claims drop by 9000, close to 45-year low: MarketWatch
Import price index for US was flat in March: MarketWatch
Weak foreign demand for Treasuries raises concerns on rate outlook: Bloomberg
Q1 earnings season starts on Friday with releases from banks: CNBC
IEA: OPEC’s plan to eliminate oil glut succeeds: Bloomberg
Eurozone industrial output fell for a third month in Feb: RTT
Pension crisis for state governments deepens: Pew Charitable Trusts
California to vote on breaking up into 3 states: Mercury News

A widely followed measure of the Treasury yield curve has resumed its decline in recent days, dipping to its flattest level in more than a decade. The narrowing between long and short rates is generally considered a signal of weaker economic activity in the future. An inversion of the  curve – short rates above long rates – would be a warning that a new US recession was brewing.
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West considers Syria attack, which risks confrontation with Russia: Reuters
House Speaker to retire, scrambling GOP plans for mid-term elections: NY Times
Consumer inflation’s annual pace ticks up to one-year high: 2.4%: MarketWatch
Oil jumps to 3-year high on rising Mideast tensions: MarketWatch
Fed: trade-war risk outweighs inflation for setting monetary policy: Bloomberg
Facebook’s Zuckerberg faced tougher questions on 2nd day of testimony: c|net
All Fed policymakers say US economy is strengthening via FOMC minutes: Reuters
US federal deficit widened in first half of fiscal year: WSJ
CBO: US federal budget deficit on track to reach nearly 100% of GDP by 2028: CBO
Business inflation outlook edges up to 2.3% y-o-y, highest since 2011: Atlanta Fed