Gold Drops, USD Pops As Mulvaney/Ryan Signals Tax Plan Coming September 25th

OMB Director Mick Mulvaney told Fox Business this morning that the target date for the release of details around a renewed tax plan is September 25th (presumably 2017) and that has triggered USD-buying and gold-selling.

  • REVENUE NEUTRALITY `NOT ON THE TOP OF OUR LIST': MULVANEY
  • CAN'T BALANCE U.S. BUDGET LONG-TERM ON CURRENT GROWTH: MULVANEY
  • TRUMP'S FRUSTRATED WITH SLOW PACE OF WASHINGTON ON TAX:MULVANEY
  • TRUMP `ADAMANT' ABOUT GETTING CORPORATE RATE TO 15%: MULVANEY

These remarks follow Trump's meeting with Congressional leaders Tuesday evening on the subject. As Reuters reports:

Trump met with six senators including three Democrats who set clear conditions for future cooperation with him on taxes... Also attending were Vice President Mike Pence, White House economic adviser Gary Cohn and Mnuchin."

As you know, House Speaker Paul Ryan has said that 15% is unrealistic. In his view, something closer to 22.5% is doable.Paul Ryan has also confirmed that date:

  • *RYAN: OUTLINE OF TAX PLAN WILL BE RELEASED WEEK OF SEPT. 25
  • *RYAN SAYS CONFIDENT TRUMP TO PUSH FOR CONSERVATIVE TAX REFORM

Meanwhile, House Ways and Means Committee Chair Brady, a member of the "Big Six," has reiterated the target date while adding that he instructed House Republicans that the goal is for the House and Senate to complete the budget process by mid October and then take up the tax bill.

Gold down, USD surging as the "Trump trade", this time prompted by hopes of tax cuts, appears to be making a comeback.

 

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