Good morning,

Two Acting Directors of the CFPB?

In a bizarre turn of events, two people embedded their email signatures with the title of “Acting Director” for the Consumer Financial Protection Bureau as they both took on the same job! On one side of the table sits Ms. Leandra English who was chosen by last week’s resignee, and on the other Mr. Mick Mulvaney, President Trump’s Director of the OMB. Lawsuits have been filed in this highly-politicized event and we shall watch this develop with bated breath.

Powell continues Yellen’s rhetoric

Jerome Powell, President Trump’s nominee to replace Janet Yellen as Chair of the Federal Reserve, released a statement today to the Senate Banking Committee today ahead of his confirmation hearing. He kept things short in a release that will likely be overshadowed by the ongoing tax negotiations. President Trump will arrive in Congress later today to persuade Republican leaders to get onboard with his proposals.

USD, tax shouldn’t have to be taxing

The USD fell to a 2 month low yesterday as the overhaul of the tax code continued to fail to show any signs of progression. A chart in a recent Forbes article shows the differences between the proposals that have already made it through the House and those that will begin to be voted on in the Senate as early as today. The Senate’s proposal is significantly more complex and includes a reduced levy on those in the top bracket.

Senator Ron Johnson (R-WI) is reportedly contemplating voting against the GOP tax reform bill, and is expected to speak against the proposed SME fiscal reforms. We expect to see this tax reform drag on and keep chances of any significant higher trend in the Greenback low unless we see some progress and agreements from the Senate.

BoE rate impact on consumer activity?

U.K. markets will hone in on consumer credit today. With the Bank of England’s decision to raise rates this month, it is likely to have knocked consumer spending as their cost of borrowing increases. That being said, we’ve just had two of the biggest shopping days of the year – Cyber Monday and Black Friday. We await the impact of these traditional high spending, high borrowing events.

How many points for Brexit?

Yet another round of negotiations between Secretary of State for International Trade Liam Fox and the EU seems to have ended favorably for the U.K. Fox declared the U.K. has done enough to meet the EU’s demand for additional coin ahead of the U.K.’s deadline to submit an improved version of the Brexit bill.

Have a great day.
Christopher Morriss, Client Relations Manager