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Trump to tweet Treasury Secretary?

| Posted by: Paul Donovan | Tags: Paul Donovan

  • OPEC meets and the oil price is sliding around. In economic terms, the scale of the moves at the moment is not important enough to get excited about. The translation of moves this small into economic fundamentals is not especially meaningful.
  • The Financial Times is reporting that Trump is about to tweet the appointment of the movie actor Steven Mnuchin as Treasury Secretary. The appointment of another Trump loyalist rather than drawing from a broader group may be taken as a signal of the desire to translate campaign pledges into policy.
  • US consumer spending and income data is due, along with the personal consumer expenditure deflator that the Federal Reserve targets (the oil base effects should drive up the headline rate). There are three Fed speakers, along with the Beige Book of economic anecdote, to look forward to.
  • Italian and French preliminary consumer price inflation is due, but economists are rarely surprised by inflation figures. US consumer confidence weakened, but this data is just an opinion poll with all the accuracy opinion polls bring to bear.