What you need to know on Wall Street today

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The House passed the Senate’s budget resolution on Thursday by a vote of 216 to 212, in the last procedural step before the GOP can move to fast track tax reform legislation that is expected to be unveiled next week. Here’s what you need to know.

In related news, Gary Cohn is reportedly set to leave the White House as soon as tax reform is done. He’s also reportedly out of the running for Fed Chair — here are the remaining candidates. President Donald Trump appeared to solicit suggestions for the position during an interview with Fox Business host Lou Dobbs on Wednesday.

He also contradicted his own tweet, saying 401(k)s could now be up for negotiation.

The European Central Bank on Thursday announced that it will further taper its bond-buying programme but extended quantitative easing until at least September 2018, as had been widely forecast prior to the decision.

In trading news, CBOE, the largest options exchange in the US, is moving in on a $US1.6 billion bitcoin opportunity.

In markets news, David Einhorn just started one of the most important conversations we can have in a bubble, according to Business Insider’s Linette Lopez. Deutsche Bank asked: “Has
the music stopped playing?”

We spoke to Sharon French, head of beta solutions at OppenheimerFunds, about smart beta and the most pressing issues facing markets today.

The world’s billionaires are now worth $US6 trillion — but succession is a big problem. The richest families in America are pouring money into healthcare startups.

In markets news and views:

Lastly, here are the 14 countries with the most billionaires.

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