More Mnuchin: Does not know if 15% corporate tax rate is achievable
Speaking at CNBC Creating Alpha conferenceHe adds:
- Services income won't get the benefit of pass-through tax rates
- Companies that create jobs such as manufacturing would get pass through rates
- Hopeful that tax reforem will be done by end of 2017
- President still wants to get health care done. Not at the top of the agenda but wants it done
- Tax reform can be back dated to Jan 1 2017
- Permanence is better on debt ceiling
- Pres wants to raise military spending and he will demand that in December
- Hopeful decrease in federal tax rate will offset elimination of state/local tax deduction
The USDJPY and USDCHF are trading at new session highs currently as Mnuchin speaks. The US stocks futures are wandering a bit lowerwith the S&P futures up 2.5 points. They were up 4.5 points prior to his interview. US yields are wandering a it higher with the 10 year up to a day high at 2.1585%.
- If China doesn't follow UN sanctions, treasury will sanction Beijing
- US will continue to put new sanctions on N. Korea until it stops current behavior
- Cyber security is a focus. Financial security is a prime concern. Equifax breach "quite unfortunate"
- Purpose of the Presidents councils was to give the President advise. Does not mean they should agree with everything the President says or does. Thinks it was a mistake to disband.
- Stock market has expectations that we will have significant growth.
- Feels comfortable with the President. Sometimes we agree. Sometimes we disagree. I work for the President.
At the end:
- S&P futures up 3 points
- Nasdaq futures up 7.75 points
- Dow futures up 50 points.
- USDJPY, USDCHF, USDCAD trades at new highs.