The Day Today

– Mnuchin said of Chinese trade negotiators “we’re planning for them to come” but would not be drawn on specifics, like when
– Fed’s Daly comment “with little inflationary pressure and considerable uncertainty…for full employment” she believed it right to run the economy “hot”
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– Japan announced two months ago that it would downgrade South Korea’s trading status, that took effect today
– Chinese plan to improve domestic consumption ranges from encouraging night markets to getting exporters to refocus on producing for the domestic market
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– China Industrial Profits bounce back
– RBAustralia’s Debelle says of trade “current threats to the system are a significant risk to both Australia and the world”
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– Trump escalated the trade war with his demand for American companies to seek “an alternative” to China and said he has “absolute right” to order this with the International Emergency Economic Powers Act,

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– Fed Kaplan says “I’d like to avoid having to take further action but…have an open mind”
– White House policy alternatives for a weakening US economy may include currency transaction tax (weaken $),

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