- US Initial Jobless Claims increased to 412k last week vs 380k expected and 382k previously. The Labor Department indicated that the bounce in claims may have been related to volatility in filings received at the end of the calendar quarter, as some claimants wait for a new quarter to file since benefits are calculated based on the previous four quarters of earnings.
- Core PPI rose 1.9% YoY in March as expected vs 1.8% previously. The Headline measure increased 5.8% YoY vs 6.1% expected and 5.6% previously
- Germany’s Finance Minister acknowledged for the first time that additional steps may have to be taken to deal with Greece’s debt burden. Greece 10yr yields hit new highs, trading above 13%.
- China’s economic data for tomorrow was apparently released early again. Via an HK TV station:
CPI +5.2% +5.3-5.4%
PPI +7.2% +7.4%
IP +14.0% +14.8%
Retail Sales +16.5% +17.4%
- Chinese M2 rose 16.6% YoY in March vs 15.4% expected and 15.7% previously.
- Singapore MAS re-centered its FX band upwards, although less than expected
- I haven’t checked these numbers, but I am inclined to believe them given the data that I have seen:
Note that as corporate earnings have always overwhelmingly flowed to the very wealthy anyway, higher corporate taxes were basically an indirect tax on the very wealthy. As both the effective corporate tax rate as well as the highest individual income tax rates have declined since the 1950’s, the very wealthy benefitted greatly from both.