Stock

Fed’s Beige Book: Economic Actvity Expanded “Modestly”, Labor Market “Tight”

Fed’s Beige Book “This report was prepared at the Federal Reserve Bank of New York based on information collected on or before January 6, 2020.” Economic activity generally continued to expand modestly in the final six weeks of 2019. The Dallas and Richmond Districts noted above-average growth, while Philadelphia, St. Louis, and Kansas City reported […]

Stock

Small Business Optimism Index “Dips” in December

CR Note: This was released yesterday. Most of this survey is noise, but there is some information, especially on the labor market and the “Single Most Important Problem”. From the National Federation of Independent Business (NFIB): December 2019 Report: Small Business Optimism Dips in December Small business optimism ended the year historically strong, with a […]

Investing

SteelPath January MLP update and news

The master limited partnership (MLP) sector saw a series of acquisitions take place in December, from Blackstone reaching an agreement with Tallgrass Energy to Energy Transfer closing on the SemGroup acquisition. The events marked a strong month for midstream equities which outperformed the broader market in December. MLP market overview Midstream MLPs, as measured by […]

Stock

NY Fed: Manufacturing “Business activity grew to a small degree in New York State”

From the NY Fed: Empire State Manufacturing Survey Business activity grew to a small degree in New York State, according to firms responding to the January 2020 Empire State Manufacturing Survey. The headline general business conditions index was little changed at 4.8. …The index for number of employees held steady at 9.0, indicating that employment […]

Tax

University of Sheffield

I have to report another appointment. This time I have been appointed a visiting academic at the University of Sheffield where I am working with both Prof Andrew Baker on tax spillover related issues and Prof Adam Leaver on accounting matters. The appointment is unpaid, but the Corporate Accountability Network has an agreement with Sheffield […]