Powell faces a confirmation hearing, and Yellen testifies.
Jerome H. Powell, President Trump's candidate for the next Federal Reserve chairman, will head to Capitol Hill on Tuesday for a confirmation hearing before the Senate Banking Committee. Janet L. Yellen, the current chairwoman of the Fed, will testify on Wednesday to the Joint Economic Committee on what could be her last appearance before Congress as head of the central bank, a position that is expected to happen to Mr. Powell early on. February .
Consecutive hearings should provide an opportunity to compare the views of Mr. Powell and Ms. Yellen on the problems facing the Fed, including the speed of raising interest rates, the best way to prepare for future economic recessions and how far revert financial regulations after the crisis. Binyamin Appelbaum
Senate Republicans can vote on tax legislation.
The tax legislation of the Republican Senate may reach the floor this week, which would be a big step in the party's hopes to rewrite the tax code. Republicans in the House of Representatives have already approved their version of the tax cut bill this month and the Senate plan authorized the Finance Committee. No Democrat has supported the legislation in any of the chambers.
Due to the small majority that Republicans have in the Senate, the vote could be delayed if more than two Republican senators oppose the law. So far, at least four Republican senators have expressed concerns about the plan. Alan Rappeport
OPEC and Russia will discuss oil production.
Most badysts predict that OPEC and Russia will agree to extend their production cuts beyond March 2018 when the group of oil producers meets on Thursday in Vienna. Oil prices have recently risen to their highest levels in two years, now around $ 63 per barrel for Brent crude, as political instability has led to lower production in member countries such as Venezuela and Iraq. The recent arrest of princes by Saudi Arabia, the de facto leader of OPEC, has also worried the markets. Still, the Saudis want to continue cutting production to deal with excess oil and support the expected sale of a stake in Saudi Aramco, the national oil company, next year. Stanley Reed
Strong auto sales are expected in November.
On Friday, automakers will report new car sales for November and the industry is expected to show a 1 percent decline from the same month a year ago. But that does not mean that sales are declining.
Consumers continue to buy sport utility vehicles and trucks at an accelerated pace, stimulated by a rising stock market, low interest rates and favorable incentives for manufacturers. Even with a decrease in sales, the total will be the second best in history for the month of November, according to Kelley Blue Book. The only best November came in 2016. Neal E. Boudette
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