Business

Remember when Trump promised in early February that he would unveil a "phenomenal" tax plan within two to three weeks? Well, it was just scrapped, because as AP reports, Trump has scrapped the tax plan he campaigned on and is going back to the drawing board, hoping to find a plan that will have Republican consensus, something his current proposal has failed to achieve. In doing so, the president threatens the timetable of what many had seen as the primary driver behind his entire first year agenda, which is not in peril, and may not come until early 2018 if not later.

With Morgan Stanley's Adam Parker having left the investment bank to continue his career at Eminence Capital, it was up to his replacement, Michael Wilson to come up with the Initiation of coverage report for the "Classic Late Cycle." So, in keeping a stiff upper lip, and breaking away from the gloom that appears to have recently gripped his colleagues over at Goldman Sachs, Wilson had no choice but to keep a stiff upper lip and keep the Punch Bowl full (to paraphrase Bill Dudley's famous March 30 speech).

Authored Tsvetana Paraskova via OilPrice.com,

The oil price crash that destroyed a lot of smaller oil producers has not spared the finances of even the oldest and largest oil companies. Trying to keep the precious dividends intact and growing, Big Oil is focusing on cost control and cash preservation, and has effectively deferred investments in new ultra-expensive drilling ventures.

With the 3 Year trading modestly tight in repo, and just above 0% after being special for the prior three days...

... some expected another strong auction, with the yield stopping through the When Issued.

However, perhaps as a result of the bid for TSY paper during today's trading session, moments ago the Treasury announced that the 3Y priced at a yield of 1.525% (below last month's 1.63%) and tailing by 0.08%, the highest tail going back to mid summer 2016.

Crude Oil has created a series of lower highs and lower lows since the peak in 2008. Since the lows of 14-months ago, Crude has created a series of higher lows and potentially creating a bullish ascending triangle pattern. This pattern two-thirds of the time, leads to an upside breakout. Below looks at a chart Crude Oil, with a focus on the potential ascending triangle pattern.