There’s a chance tax reform may not get done!!! Inconceivable!!
10 years ago today, The Fed minutes were released sparking a buying frenzy pushing The Dow above 14k to a new record high – supported by a dovish Fed and a convinced public that job growth was recovering and all would be well. It turns out that the peak for the market that was followed a greater-than-50% plunge in stocks.
That week, U. S. President George W. Bush said the figures signaled ‘a vibrant economy’ but a poll of top Wall Street economists found more than half still think the Fed will trim rates again this month to help the economy get past a housing slump and a surge in mortgage defaults. U. S. employers added 110,000 jobs in September and August’s job losses were revised into a gain in a Labor Department report on Friday that lifted some worry about a recession in the near term.
This post was published at Zero Hedge on Oct 9, 2017.