And just like that, stocks priced in tax reform for the nth consecutive day, because one day after speculation that Marco Rubio would be a hurdle to the passage of tax reform, which pushed stocks modestly lower, moments ago Fox – or is that Disney – reported that Marcio Rubio is a “yes” on the tax bill, sending risk assets soaring in the latest “buy-everything” euphoria.
Source to FBN: Sen. @marcorubio will be a ‘yes’ on tax bill. http://pic.twitter.com/qd4OXaUawR
— FOX Business (@FoxBusiness) December 15, 2017
Rubio’s turn comes shortly after Speaker Paul Ryan told the media that the Senate and House are both planning to hold votes on the bill by end-of-day Wednsday with the first vote likely coming in the House Tuesday and the Senate following either Tuesday or Wednesday. Separately, Senator Brady announced that the tax measure is now done, and should win every senator’s support.
- BRADY: TAX MEASURE DONE, SHOULD WIN EVERY SENATOR’S SUPPORT
The result in markets was fast and furious, with the S&P, dollar, yields and the USDJPY all surging following the report.
And putting yesterday’s and today’s moves in context:
Yesterday – SPX down 10 on news Rubio wont vote yes on principle…
Today – SPX up 17 on news he will vote yes and has no principles.
— DMW (@dmwlsw) December 15, 2017
via http://ift.tt/2jX9OM7 Tyler Durden