2018 year-end financial planning is a lot different than in previous years, because it is the first full year after the implementation of the Tax Cuts and Jobs Act (TCJA). The good news is that for millions of Americans, the new code should make filing easier. That’s because nearly 90 percent of taxpayers are likely to claim the standard deduction this year, up from 70 percent last year.
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It was an exhausting week for investors, even though there were only four trading sessions. Monday’s U.S.-China 90-day trade “time out” stock bounce was dwarfed by big sell-offs throughout the rest of the week. The drubbing began after the President’s tweet that he is a “tariff man,” shortly followed by another, which questioned whether a “real deal” with Beijing is actually possible.
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Two words from Fed Chair Jerome Powell moved markets last week: “JUST BELOW.” He was talking about short-term interest rates, which are just below neutral, a Goldilocks level that is designed to neither speed up-nor slow down-economic growth. Powell’s assessment was a change from a comment he made in early October, when he said rates were a “long way” from neutral.
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