The Big Boost

(1) Tax receipts dropping relative to GDP. (2) Supply-siders may take credit for rising individual income tax receipts despite (or because of) tax cuts. (3) Consumers saving less. (4) TCJA giving big boost to profits. (5) Weekly fundamental indicators remain bullish for stocks. (6) Forward earnings at another record high. (7) What’s better (or worse): Inverting yield curve or rising bond yield? (8) 2-year Treasury yield closely tracking 12-month forward federal funds futures. (9) Rumored change in BOJ policy putting upward pressure on bond yield, confirming our globalized bond market thesis. (10) A really great review of my book in CFA Institute’s Financial Analysts Journal.