New York Fed President William Dudley said in an interview Thursday that any effort to make the tax code less complex “makes sense.” But with the economy expanding solidly and the unemployment rate at a low level of 4.1%, Fed policy makers will be watching closely to see whether any tax changes might cause the economy to overheat. Both the House and Senate tax overhaul bills under consideration would cut taxes for businesses and many individuals, which could spur households to spend more and companies to invest more.
The Institute for Supply Management said its manufacturing index fell to 58.2% in November from October’s 58.7%. But economists exepected 58%. New orders rose and production hit a six-year high. Employment was unchanged. The drop in the overall index was driven by slower delivery times of raw materials and other goods that companies need to make their products. Inventories were also low.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
