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Tuesday, February 28, 2017

Trump to cut 24% of EPA budget, stop foreign aid to Afghanistan…

http://thehill.com/policy/energy-environment/321481-trump-to-propose-24-percent-cut-in-epa-spending-reports
The Trump administration plans to propose a one-forth to cut the Environmental Protection Agency’s (EPA) budget, a plan that would end up laying off 20 percent of the agency’s staffers, according to reports.
Trump officials will propose a $6.1 billion for the EPA next year, a $2 billion cut from current levels, according to reports in E&E News and Politico, citing sources.
The agency’s staffing levels would fall to 12,000 workers, from 15,000 currently, according to the reports.
An EPA spokesman did not immediately return a request for comment from The Hill.
Northern California will face a new flood crisis for Oroville Dam and Shasta Dam, as 10 days of up to 75 degree weather will spark an early spring snowmelt.


Fully aware that Shasta Dam is not tall enough to handle the type of 100-year flood that California may currently be facing, the U.S. Bureau of Reclamation has proposed $1.1 billion to raise the height of Shasta Dam by 18.5 feet to increase water storage by 14 percent. But the Obama administration killed the project in 2014 by filing a 349-page report claiming expansion was a threat to salmon under the U. S. Endangered Species Act.

Last year Obama Hussein gave $1.1BILLION in foreign aid to Afghanistan! Donald Trump says HELL NO !!

Trump Seeks U.S. Military Spending Boost, Domestic Cuts

http://www.reuters.com/article/us-usa-trump-budget-idUSKBN1661R2

President Donald Trump is seeking what he called a “historic” increase in defense spending, but ran into immediate opposition from Republicans in Congress who must approve his plan and said it was not enough to meet the military’s needs.
The proposed rise in the Pentagon budget to $603 billion comes as the United States has wound down major wars in Iraq and Afghanistan and remains the world’s strongest military power.
The plan came under fire from Democratic lawmakers, who said cuts being proposed to pay for the additional military spending would cripple important domestic programs such as environmental protection and education.
A White House budget official, who outlined the plan on a conference call with reporters, said the administration would propose “increasing defense by $54 billion or 10 percent.” That represents the magnitude of the increase over budget caps Congress put in place in 2011.
But Mick Mulvaney, the White House budget director, said the plan would bring the Pentagon’s budget to $603 billion in total, just 3 percent more than the $584 billion the agency spent in the most recent fiscal year, which ended on Sept. 30, 2016.
The rise would be slightly higher than the country’s current 2.5 percent rate of inflation.

Dallas Fed February service sector outlook 15.6 vs 21.2 prior

  • Revenue index 14.1 vs 16.2 prior
This indicator is a non-event. 

Obama Called Foxnews “Fake News” for 8 Years

https://www.liveleak.com/view?i=39b_1488189302

But when Trump says it its a bad thing...

"Obamacare went up 116% in Arizona" Sean Spicer lays down facts

February US Conference Board consumer confidence 114.8 vs 111.0 expected

  • Prior was 111.8 (revised to 111.6)
  • Present situation 133.4 vs 129.7 prior (revised to 130.0)
  • Expectations 102.4 vs 99.8 prior (revised to 99.3)
  • Jobs hard-to-get 20.3 vs 21.1 prior
Another sign that Trump optimism is high. The index is at the best level since 2001.

February 2017 US Richmond fed manufacturing index 17 vs 10 exp

  • Prior 12
  • Employment 10 vs 8 prior
  • Wages 15 vs 11 prior
  • New orders 24 vs 15 prior
  • Prices paid 2.09 vs 1.52 prior
  • Prices rec'd 1.35 vs 0.96 prior
An upbeat report from the fifth district.

February 2017 US Chicago PMI 57.4 vs 53.0 exp

  • Prior 50.3
  • Highest since Dec 2014
Rumour confirmed and all the subbies sell into the latecomers.



December US Case-Shiller 20-city house price index +5.58% vs +5.4% y/y exp

  • Prior was +5.27%
  • Prices up +0.93% m/m vs +0.70% exp
  • Prior +0.89% m/m

Q4 2016 US GDP revision data report 1.9% vs 2.1% exp q/q ann

  • Flash 1.9%. Q3 3.5%
  • Consumer spending 3.0% vs 2.6% exp. Flash 2.5%
  • PCE 1.9% vs 2.2% exp. Flash 2.2%
  • Core PCE 1.2% vs 1.3% exp. Flash 1.3% 
  • Prelim sales 0.9% vs 1.0% exp. Prior 0.9%
  • GDP deflator 2.0% vs 2.1% exp. Prior 2.1%
  • Exports -4.0% v s-4.3% prior
  • Imports 8.5% vs 8.3% prior
  • As I gloss over the details the report isn't looking too hot.
    Business and housing investment was lower, lower investment in structure led the fall on the business side.
    Consumer spending is the bright spot, with gains in all three sub-components.
    Overall, there's disappointment here, as the market was expecting more than just matching the flash. We've had updated price data since all this so the focus will be on that more than this.