Fed Chairman Jerome Powell testifies before Congress today.

The Oregon senate passed a bill last week that would decouple Oregon tax law from federal tax law on the issue of a new federal deduction for pass-through business income. This could mean the federal deductions of the Trump tax reform law will not apply to Oregon small businesses, including LLCs or S-Corps. (Eager Law)

The Commerce Department said sales of new U.S. single-family homes fell 7.8% in January. Home sales are being constrained by a severe shortage of houses, especially on the lower end of the market, that is pushing up prices and sidelining some first-time buyers. In January, there were 301,000 new homes on the market, an increase of 2.4% and the highest level since March 2009. The stock of new homes still remains well below its peak during the housing market bubble in 2006.

The maker of tasty treats like Spam canned ham and Dinty Moore stew, Hormel Foods reported a quarterly profit of $303.1 million. On sales of $2.33 billion. Hormel shares have dropped 10% in 2018 and are down 13% in the last 12 months. (AP)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.