The single biggest story this morning is Treasury Secretary Steve Mnuchin pouring ice cold water on the market’s mania.
First and foremost, Mnunchin stated point blank that the Trump administration HOPES to implement tax reform by August.
Not two weeks from not. Not even two months from now. But AUGUST.
And that is their hope, not a hard deadline.
Then Mnunchin announced that there was “not much administration can do to affect growth in short term”.
For weeks we’ve been told by the financial media that 5% GDP growth is just around the corner… that the US has already entered an economic utopia… and that stocks are correct to be rallying to all –time highs based on this belief.
Here’s is Trumps’s #1 econ guy stating POINT BLANK that the administration cannot juice growth in the short-term.
And stocks have rallied to new all-time highs based on hope of tax reform, GDP growth of 5% and more.
This is the sort environment in which Crashes can happen.
And while the odds are low that we get an actual Crash… this environment is more conducive to Black Swan events than any other in the last seven years.
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Graham Summers
Chief Market Strategist
Phoenix Capital Research
