Trump signals openness to interim US-Chinese trade deal | Economists: Rising inflation might prompt Fed to rethink rate cuts | Mnuchin: US might issue 50-year bond next year
September 13, 2019
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Trump signals openness to interim US-Chinese trade deal
President Donald Trump says he is open to an interim trade agreement with China. Trump prefers a full agreement over a temporary deal, he says, "but it's something we would consider, I guess."
CNBC (9/12) 
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Industry Update
Economists: Rising inflation might prompt Fed to rethink rate cuts
A majority of economists say a significant increase in US core consumer prices last month is unlikely to keep the Federal Reserve from reducing interest rates next week, but it could make further cuts before year-end less likely, a Reuters survey finds. "The Fed will still cut rates next week to provide added insurance in the event that the trade war escalates, but it might think twice about moving again in October if core inflation shows any further spark," BMO Capital Markets economist Sal Guatieri says.
Reuters (9/12) 
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Mnuchin: US might issue 50-year bond next year
The US Treasury Department is considering issuing a 50-year bond in 2020 to capitalize on low interest rates and to offset fast-rising borrowing costs, Secretary Steven Mnuchin says. Bonds with maturity of more than 30 years were evaluated, then abandoned, by the Treasury in 2017, but Mnuchin says there is demand for them.
The Wall Street Journal (tiered subscription model) (9/12) 
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Democrats to review proposed US-Mexico-Canada trade deal
The Trump administration has forwarded revised proposals for the US-Mexico-Canada Agreement to Democratic lawmakers for review. Democrats say they will scrutinize the proposals to see how they align with recommendations lawmakers submitted in July. Meanwhile, several business groups have urged a speedy resolution to the issue.
Reuters (9/11),  The Wall Street Journal (tiered subscription model) (9/12) 
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Passive equity funds overtake active counterparts
Assets in US index-based equity mutual funds and exchange-traded funds exceeded assets in active stock funds for the first time in August, after years of growth for passive investment. The shift represents a milestone for the financial industry.
Bloomberg (tiered subscription model) (9/11) 
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Analysts fear stock volatility is "quant quake" revival
Market analysts are concerned that volatility in growth stocks might indicate a repeat of the 2007 "quant quake," which ran up big losses for computer-driven traders.
Financial Times (subscription required) (9/12) 
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New York Focus
New Yorkers can now send anonymous tips to NYPD through app
A new mobile phone app allows people to report criminal activity anonymously to the New York Police Department. The app is modeled after NYPD's Crime Stoppers toll-free and internet-based submission program, which the department says has helped solve more than 5,600 violent crimes.
The Wall Street Journal (tiered subscription model) (9/12) 
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NYC pharmacy owner accused of health fraud, illegal drug distribution
Michael Paulsen, owner and operator of Regal Remedies, a Staten Island, N.Y.-based pharmacy, was arrested and charged with orchestrating a health care fraud and kickback scheme and illegally distributing tens of thousands of oxycodone pills. Authorities said Paulsen was aware that some of the pills would be resold on the street.
WNBC-TV (New York City) (9/12) 
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People & Personalities
Bowman approved for 14-year Fed term
Michelle Bowman was confirmed by the US Senate for a 14-year term on the Federal Reserve Board of Governors. President Donald Trump appointed Bowman last year to fill Vice Chair Stanley Fischer's unexpired term and nominated her to a full term in April.
Reuters (9/12) 
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On The Economy
US budget deficit reaches 7-year high
The US budget deficit for fiscal 2019 increased to almost $1.07 trillion in August, the highest amount in seven years, as revenue fell short of expenses by more than $214 billion, according to the Treasury Department.
CNBC (9/12) 
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CFA Society New York News
Value Investing Workshop: Advanced Financial Research
This workshop will be exploring methods of conducting advanced financial research and lays out Cheryl Strauss Einhorn's AREA Method and her latest book. The decision-making system Cheryl developed uniquely controls for biases, focuses on the incentives of others and expands knowledge while improving judgment.
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Asset Owner Series
The CFA Society New York Asset Owner Series is a collection of exclusive events for investment industry executives looking to improve their asset management strategies and advance their market knowledge with the guidance of some of the most experienced minds CFA Society New York has to offer.
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