US's Mnuchin says they hope to get tax reform done by August Congress recess

The new Treasury Sec speaks

  • It's too early to give details of tax plans

  • Tax reform will be significant

  • Most important thing for growth is the tax plan

  • 3% growth is very achievable, could be late 2018 before we see 3% growth

  • Regulatory relief is also important to boost growth

  • We're looking at significant economic changes

  • We're reaching out to businesses

  • Trump admin's growth forecast is likely to be higher that Congress

The buck jumped once again on mention of the great tax plan, then fell back when it realised that Munchkin didn't have anything new to add.

  • Tax reform is mostly focused on the middle class
  • High income tax cuts should be offset
  • The dollar and stocks are reflecting confidence in the US economy
  • Isn't focused on day to day market moves
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