Morning Briefing 2019-01-23

(1) China has too much debt producing too much excess capacity. (2) One child to support two parents. (3) “Ghost” trains, airports, and highways? (4) Slowing growth despite record bank loan expansion. (5) Lowest number of births since 1961. (6) Capital outflows increasing again. (7) US frackers are moving US to oil independence. (8) “Patient” is the new word at the Fed, replacing “gradual.” (9) FOMC rotation gives the vote to more patient members.