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Monthly Market Overview - December 2017


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In November, the US Treasury yield curve continued to flatten as yields rose in anticipation of Fed tightening, the S&P 500 index powered to new highs, and the US dollar dropped vs. other major currencies. The Senate successfully passed their tax bill which, despite some differences, was consistent with the House bill in cutting the corporate rate to 20%, while eliminating a number of deductions for individuals – particularly in higher tax states. The non-partisan Joint Committee on Taxation estimated that Senate bill would add $1trn to the national debt over 10 years even after factoring in economic growth benefits.

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