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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.
In markets news and views:
- The stock market just showed that its biggest fear is overblown
- Tech stocks took a hit heading into a crucial stretch of earnings — but traders are still betting on blockbuster results
- Traders betting against Chipotle made $US260 million in a single day on its earnings disaster
- Traders were blindsided by Celgene’s massive earnings flop
- Nike is going through a “massive transformation” to keep pace with the competition
Lastly, here are the 14 countries with the most billionaires.