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Trump picks his new top economic adviser. The CNBC commentator Larry Kudlow, who was previously a staff economist at the Federal Reserve Bank of New York, worked in the Reagan administration, and was chief economist for Bear Stearns, will replace Gary Cohn as National Economic Council director.
The Senate just passed the biggest rollback of Wall Street regulations since the financial crisis. The legislation, which still must pass the through the House, rolls back some of the most stringent post-financial-crisis regulations for dozens of banks.
One of Wall Street’s most followed forecasts for the US economy is looking worse and worse. The Atlanta Fed’s GDPNow tracker projects 1.9% growth for the US economy in the first quarter. That’s down from last week’s 2.5% estimate and well below the 5.4% print from the beginning of February, which was based on one month of data.
A key engine of the economy is flashing a warning sign. Retail sales fell unexpectedly in February, the third straight month of declines, raising concerns about the strength of consumer spending, which accounts for over two-thirds of economic activity.
Business Insider ranked every US state economy from worst to best. Business Insider’s Andy Kiersz combined six measures of labour-market and general economic health for all the states and the District of Columbia. Check it out.
It’s the 10th anniversary of the collapse of Bear Stearns. The worst financial crisis in modern US history claimed its first victim during this week a decade ago, and Gluskin Sheff’s chief economist, David Rosenberg, says this time around he’s paying close attention to a “bubble on business balance sheets.”
Toys R Us will close all of its US stores. The toy retailer will sell or close all of its more than 700 stores, threatening the jobs of 33,000 employees, according to a Wall Street Journal report confirmed by Business Insider.
Stock markets around the world trade mixed. Australia’s ASX (-0.31%) lagged overnight, and Germany’s DAX (-0.59%) is out front in Europe. The S&P 500 is set to open up 0.10% near 2,752.
Earnings reports keep coming. Dollar General reports ahead of the opening bell, while Overstock releases its quarterly results after markets close.
US economic data is heavy. Empire Manufacturing, import and export prices, initial claims, and the Philly Fed will all be released at 8:30 a.m. ET before the NAHB Housing Market Index and net long-term TIC flows cross the wires at 10 a.m. ET and 4 p.m. ET. The US 10-year yield is unchanged at 2.82%.
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