The US administration’s new tax reform plans were enough to prompt renewed hopes among investors for an ideal scenario: a combination of tax cuts – so positive for the US economy that they could allow the Fed to bring interest rates back to normal without damaging the equities market – and a dollar rally that would distribute part of the USA’s excess growth to the rest of the world. However, this scenario, which had already been widely priced in by the markets immediately after Donald Trump election, has little chance of happening, for both political and economic reasons.
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