UNITED STATES   Not much on the docket for the shortened week. The main items will be the minutes of the last FOMC, new data on durable goods orders, and the U-Michigan consumer survey. In one way or another, all will point to a strong economy with a steady if hawkish pace of monetary policy, at least as seen from current market perspective. The minutes, out on Wednesday, should add to expectations of a rate hike in the December meeting. Meanwhile, recent data point to an economy in full employment, with negligible excess capacity, and, perhaps, at the brink of a new investment cycle. The latter is the key question. The outlook for 2018 looks good: 2.5%yoy growth with lower unemployment, around 3.7%, possibly as low as 3.5%. The rate of growth is above potential and the u-rate below NAIRU. If, in addition, the proposed corporate tax rate cut is approved, without noteworthy damage to regulatory and tax policy uncertainty, a big unknown, perhaps investment will begin to respond. Yes, tax-incentives is but one of a list of preconditions for new investment, and, on balance, not the most critical. Expectations about future demand and market share head the list. And it … Continue reading US + Brazil Financial News (11/20)