Headlines discussed at LNWM’s Monday morning briefing:

— US infrastructure spending is finally ramping up, funded by muni bond issuance at near record levels.
— US corporate earnings were down 4.9% in 2nd quarter 2016 from year ago; wage gains were strong.
— There’s a 60% chance the Fed will raise interest rates this December, futures market pricing indicates.
— Loans to Eurozone firms and consumers rose in July (1.9%, 1.8%), a sign stimulus is having an effect.
— China will restrict online private lending (4,000 sites, $97 billion in loans), due to scandals and fraud.

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