What you need to know on Wall Street today

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On February 9, President Donald Trump told a gathering of manufacturing CEOs at the White House he would release something in “two or three weeks” that would be “phenomenal in terms of tax.”

Almost eight months later, that tax plan is finally here — most of it, at least.

Trump and the “Big Six” group of Republican tax negotiators on Wednesday rolled out the most detailed look yet at the plan. It is the opening salvo of what is likely to be a long process to attempt to overhaul the tax code.

Here’s what you need to know:

Elsewhere in Wall Street news, a $US96 billion fund firm created an artificial intelligence hedge fund, but freaked out when it couldn’t explain how it made money. Mike Novogratz, the former chief investment officer at $US72 billion fund firm Fortress, is starting a $US500 million cryptocurrency hedge fund. And Morgan Stanley CEO James Gorman says bitcoin is “more than just a fad.”

In corporate news:

Lastly, here’s everything that could cause the next financial crisis, according to Deutsche Bank.

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