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Read my lips: No new tax cuts

Speculation will inevitably build that a Donald Trump victory in this year’s presidential election would be followed, once again, by large-scale tax cuts. With the Federal budget outlook in a far worse position than back in 2017, however, it’s notable that Trump himself has been remarkably circumspect about the prospects for new tax cuts, perhaps recognising that this time the adverse reaction in the bond market could more than offset any positive impact on the stock market.

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