Munchkin out with some comments
Before I grab the blathering, the important info is that this great tax declaration is due out later at around 17.30 GMT
- Will cut business taxes to 15% (pretty much confirming what we've already heard)
- Tax reform is a major priority for the administration
- This will be the biggest tax cut reform in US's history
- People who can't afford it won't be paying taxes
- Hopes Democrats won't stand in the way of this tax reform (We love a hope trade don't we?)
- Goal is to make tax plan permanent
- There is a fundamental agreement with congress on goals of the tax deal with details still to be worked out
- Debt ceiling must be "absolutely" done in the fall
- Is comfortable into the summer, we're fine on the debt ceiling
Off goes the dollar as USDJPY blows to 111.69
House speaker Ryan also up
- Trump's tax plan is 80% in agreement with the proposal he put forward
- Saw a preview of tax plan and likes it a lot
The market is buying into the promise of good things to come later.
Bond yields like what the Munchkin is selling. 10's are up 1bp to 2.34%
