The research team at BBH notes that the US 10-year yield is holding on to the lion's share of its gains after it had bottomed on Tuesday near 2.16% and rose to 2.25% yesterday and is at 2.24% now.
“Treasury Secretary Mnuchin's claim that tax reform will be passed by the end of the year seems to be more a statement of intent than a reliable forecast. As President Trump's 100th day in office approaches, the legislative agenda still seems to be tied up between the different wings of the Republican Party. Indeed, the attempt by the Republicans to forge a majority instead of reach across the aisle to some Democrats is proving more difficult and frustrating than many anticipated.”
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