U.S. Treasury Secretary Steven Mnuchin said Thursday, the Trump administration is ‘close’ to bringing forward tax reform.
Mnuchin’s bullish comments concerning tax reform came a few days after he poured cold water on expectations that the Trump administration would complete tax reform, which is viewed as a pro-growth policy, by August.
Despite the ongoing saga concerning the Trump adminsitration’s efforts to repeal Obamacare, Mnuchin is confident that health care reform issues won’t prove an obstacle to introducing major tax reform, which he insisted will be passed before the end of 2017.
Tax reform will happen whether “heath care reform is done or not”. said Mnuchin.
Risk assets moved higher, following Mnuchin’s comments while gold edged lower.
The U.S. dollar index turned positive to trade at 99.73, up 0.02%.
Gold futures inched lower to $1,281.00 while Treasury yields rose with the U.S. 10-Year at 2.252, up 2.25%.
The Dow Jones Industrial Average traded 1% higher at 20,608. The S&P 500 gained 0.95% and the Nasdaq Composite rose by 0.98% to 5920.51
