The market wanted a bit more of a plan

Bloomberg has a note from the Cowen Group

This is pretty funny.

"Only real surprise was that the Trump tax plan exists, albeit on one page of "principles." There is no there there. It is a one-pager without any detail...for a tax code of ~70,000 pages. Our low expectations did not prove to be too pessimistic. Classic over promise and under deliver. No mention of BAT - but also no mention of really anything...What the Trump Administration has proposed is not permanent tax reform, but a ten-year tax cut and the creation of the most phenomenal fiscal cliff ever in 2028."

The S&P 500 was up 8 points into the announcement and finished down 1 point. USD/JPY is flirting with 111.00 from as high as 111.78 earlier today.

But at the end of the day, how upset can the market get about a tax cut proposal?

The market wanted a bit more of a plan
The market wanted a bit more of a plan
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