Trump Backtracks; Confirms We "Have To Do Healthcare Before Tax Reform"
Back in late March, equity markets sold off on the first signs that Republicans were not going to be able to repeal and replace Obamacare as they had promised. Alas, the pessimism didn't last long as the BTFD crowd was able to quickly convince everyone that the failure of Obamacare was actually good for markets as it would allow the Trump administration to focus it's efforts on tax cuts instead...and, as usual, equities soared.