The public reaction to recent proposals that robots be taxed when they replace human labor has been largely negative. But a moderate tax on robots – even a temporary levy that merely slows the adoption of disruptive technology – seems like a natural and obvious component of any policy to address rising inequality.
Family wealth has emerged as the financial-industry topic of this decade, akin to what estate planning was in the ‘70s, investment planning in the ‘80s, financial planning in the ‘90s, and wealth management in the ‘00s. Today family wealth advisors serve 35,000 households that all together account for more than $5 trillion in assets.
The debate over healthcare reform is in full swing, with forces aligning on all sides. From our perch, House Speaker Paul Ryan's health care bill has some appeal.
Considering that the Federal Reserve raised short-term interest rates by a quarter point, today's Fed statement was surprisingly dovish.
If robots are supposed to take all our jobs, they're not very good at it. Nonfarm payrolls rose 235,000 in February, rising faster than even the computer models thought they would. This was the 84th month in a row of private sector job growth, the longest streak on record.
The yield on the 10-year Treasury bond has been tightly coiled in a “zone of death,” Jeffrey Gundlach said. Since the start of the year, it has traded between 2.4% and 2.5%, but it is poised to rally to 2.25% before it retreats to 3.0% by the end of the year, according to Gundlach.
As Washington DC melts down, entrepreneurs keep moving, people keep working and spending; the economy keeps growing. The Federal Reserve keeps meeting and speaking, too, but now it appears they will actually act.
U.S. equities advanced yet again last week with the S&P 500 Index climbing 0.7%. Economic data continued to come in better than expected. Consumer confidence reached its highest level since 2001 last month while the ISM non-manufacturing index, which measures business activity and employment trends, showed its strongest reading since late 2015.
We think it was Art Laffer who said it best. Let's say the US invented a cure for cancer and China a cure for heart attacks. If China decided to ban the cure for cancer, should the US retaliate by banning the cure for heart attacks?
Shundrawn Thomas serves as Northern Trust’s executive vice president, head of funds and managed accounts group. I spoke to him about his annual president’s perspective on the ETF industry, which was just released.