December 2017 Economic News

Major economic news announcements during the month of December 2017 included:

• President Trump signed the (formerly known as) Tax Cuts and Jobs Act, cutting corporate taxes from 35% to 21%, as well as several individual tax rates.
• The housing market continued to improve as evidenced by data from the Commerce Department and the National Association of Realtors. November housing starts grew at the fastest pace since the Great Recession, and November existing home sales increased at the strongest pace since December 2006.
• The Board of Governors of the Federal Reserve System raised its prime rate from 1.25% to 1.50%, which is the third increase this year but just the fifth since 2008. The Fed anticipates raising rates three times in 2018.