Fast Comment US — Fed leaves rates on hold, door open for March hike

1. Fed leaves rates on hold as expected
2. Minor tweaks to press statement - door open for March hike
3. Further upside to market rates

Fast Comment US — Government shutdown still unresolved

1. Efforts to end government shutdown continue
2. Economic impact of short-lived shutdown should be limited
3. Larger, more serious issues loom

Fast Comment US — US tax overhaul now a done deal

1. Passing of tax reform no surprise – moderate additional economic boost
2. Deep, permanent tax cut for corporations and shorter-term relief for individuals
3. The House needs to vote once more – will pass with ease

Fast Comment US — Fed hikes rates and keeps policy outlook unchanged

1. Higher growth and lower unemployment, but unchanged inflation and policy outlook
2. We maintain our forecast of two rate increases in 2018, but risks are on the upside
3. Powell will replace Yellen as Fed Chair in the beginning of February

Fast Comment US — Payrolls increased by 228,000 in November

1. Unemployment unchanged at 4.1 percent
2. Wages increased by 0.2 percent, from a decline of 0.1 percent in October
3. Fed hike in December is fully priced in by financial markets

Macro Comment US — Success has its price

After the Senate approval of a tax bill on Saturday, we have changed our view and now believe that tax reform will become reality. Presently, success seems more important than substance. In other words, Republicans, who are in desperate need of success ahead of next year's mid-term election, hope to sell a tax reform focused on corporate tax cuts, even though those cuts in reality are financed by their middle-class voters.