Stocks bounce as earnings in focus; dollar steadies on Mnuchin

US dollar banknotes and coins

While Mnuchin says he still expects tax reform to happen sometime in 2017, there's no guarantee that's realistic either.

U.S. Treasury yields fell as nervousness ahead of France's first round of presidential elections this weekend and ongoing geopolitical tensions boosted demand for safe-haven U.S. debt.

Among the key sticking points is a "border adjusted" plan that would, in effect, tax imports while exempting exports. The IMF also forecast that all five of Europe's largest economies will grow even faster. He said that there could be a difference of close to $2tn in revenues under different economic scenarios, adding that the difference between growth of 1.8 per cent and 3 per cent was "staggering" when compounded. But it was being held up by the pricing out of the bet that the U.S. Federal Reserve would raise interest rates three times this year. The last major tax reform effort-back in the 1980s-took more than two years. "In my mind it's a function of the confidence in the potential of the U.S. economy and the current state of the USA economy, particularly relative to the rest of the world".

Mnuchin had previously said that he wanted to have a massive tax reform bill on Trump's desk by the August recess. Mnuchin said addressing currency swings was "one of the IMF's most important roles".

The IMF's next set of economic projections is due in July.

Saturn's Moon 'Enceladus' Can Host Alien Life — NASA Announcement
In 2015, researchers said that there was evidence of a warm ocean under the moon's surface, as NPR's Geoff Brumfiel reported . Sadly, we soon have to say goodbye to Cassini after all the fantastic work it's been doing in studying Saturn and its moons.

U.S. Treasury Secretary Steven Mnuchin was quoted saying Trump is "absolutely not" trying to talk down the strength of the U.S. dollar in Wednesday's edition of the Financial Times, playing down remarks by Trump in an interview last week when he said the dollar was "getting too strong".

Mnuchin told the Financial Times that he agreed with U.S. President Donald Trump's view that the dollar's strength in the short term was hurting exports, but that he also saw the currency's strength over the long term as a positive.

And while Mnuchin is at least promising to continue fighting for full-blown tax reform, reports are filtering out of Congress about abandoning all the hard work of reform and replacing it with deficit-financed tax cuts. One of the most contentious elements of the Trump plans is the "border adjustment tax" which would apply to USA companies importing products, although Mnuchin has indicated that this is still under consideration.

"SM - I would just say that there's a lot of options".

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