Treasury Action: yields jerked to highs again
Treasury Action: yields jerked to highs again after optimism was signed both by a Rep. Ryan press conference that a "tax writing committee concensus on a tax cut outline"could be reached the week of September 25th (presumably by month-end then), which was also a talking point for OMB's Mulvaney earlier on Fox News. Ryan was confident that this would reflect congressional and White House consensus and that it would embrance the conservative tax reform plan, which he envisioned enacted into law by year-end. This fit with similar pronouncements from Treasury Secretary Mnuchin yesterday, though a Politico.com report suggested that the GoP is wary of 'Democrats' Cohn and Mnuchin flipping to a bipartisan outreach to the Dems. Note, gold sank to session lows of $1,321 and USD-JPY shot to highs of 110.64 on the headlines, which seemed to indicate a renewed push towards a tax reform plan. Stocks are still mostly underwater, however, though above opening lows.