Posted To: MBS Commentary
Today's main event was the release of the Trump administration's new tax plan. Markets didn't go overboard in their expectations of major revelations and excruciating details. That turned out to be an ideal approach as there weren't any major revelations or excruciating details to be had! Several of the key bullet points (15% corporate tax and reduction in number of brackets, for instance) had already been foreshadowed by previous administration comments. Still, bond markets were holding out for something a bit more terrifying . When the announcement turned out to be mostly anticlimactic, bonds were quickly able to retrace some of their weaker steps from the early afternoon. It's worth noting that the early afternoon weakness was a clear consequence of European bond markets...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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