ILCB - Chances For Yellen's 'World Corporate Tax' Diminish

• After Britain rejected Yellen’s call for a 21% minimum tax rate, the Treasury Department on Thursday officially proposed a radically lower global minimum corporate tax of 15%.
• Last week was a big week for housing statistics. Availability is tight, so the volume of sales is declining. Also, the rapidly rising prices of lumber and other components have reduced the number of housing starts.
• Weekly unemployment claims were slightly better than expected, while continuing claims were worse. Since the Fed’s primary focus remains on unemployment, I expect that higher continuing unemployment claims may cause the Fed to remain accommodative.

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