Yields, Dollar Jump On “Massive,” “Bigly,” “Phenomenal,” Tax Cut Promise

“Bigly,” “tremendous,” “terrific people,” “phenomenal tax cuts,” “very powerful armada,” “big league,” and other bullshit platitudes.

That’s what this administration lives on, and by extension, so does this market. Which is why this…

• TRUMP TELLS AP HE WILL UNVEIL TAX PLAN NEXT WEEK
• WHITE HOUSE TO RELEASE TAX PLAN NEXT WEEK, TRUMP TELLS AP

…and more specifically this…

• TRUMP TO REVEAL ‘MASSIVE‘ TAX CUTS

…leads to this…

Via Bloomberg

Treasury futures drop from near session highs after President Trump tells AP in interview that he will release a tax reform package next week, which will include ‘massive’ tax cuts. Sharp drop in Treasury futures with TYM7 falling ~10 ticks; losses led by belly as 5s30s flattens from session wides. Futures volumes rise to largest of the session following tweet as 12k TYM7 and 8k FVM7 trade over one-minute period.

USD/JPY rebounded to 109.20 from near the session low at 108.88 and Treasury yields pared a morning drop following a report the White House will announce a tax plan next week. President Trump said individuals will get “massive” tax cuts, according to the AP; USD/JPY had dropped to session low as equities declined, USD drop was cushioned by bids under 109.00, traders in Europe said. Rebound sees USD at midrange, still shy of 109.50 where offers capped on Thursday

is no one in the administration ever going to be like: "dude please STOP using superlatives when we have no idea what you're talking about!"

— Heisenberg Report (@heisenbergrpt) April 21, 2017