In today’s Macroeconomic Briefing Commerzbank’s chief economist attempts to assess what is fair value for Bitcoin, and whether it could ever replace the euro. We also look at what has changed to the 2018 as a result of US tax reform, that could be passed before christmas, which according to JPMorgan could see 4 rates hikes in 2018. That would be a grave mistake, say other analysts. Macro Thoughts point to a dramatic slowdown in the savings rate of US households, which could revert in 2018 and drive growth lower. Not the time for the Fed to be signalling rate rises. Staying in North America, there’s a rate decision in Mexico this week, after some big changes at the top of its leading institutions, including Banxico. TS Lombard provide an excellent overview of the economy and the politics after meeting leading officials there recently.