Daily Market Color December 18, 2017Tax Reform Sustains Market Exuberance Key Changes in Tax Regulation US tax regulation remains the central focus of financial markets this week, as Republican lawmakers hope to put a final version of the tax bill on President Trump’s desk by Friday. The final votes on the 503-page bill in the House and Senate are expected to be held within the next few days. Highlights of the compromise bill include – Key Events this Week Housing Starts Month over Month will be reported tomorrow morning. Bloomberg Median Estimate is -3.1%. A negative number is not uncommon due to the weather this time of year across much of the country. GDP will be reported on Thursday Morning, one of the last key economic number before the Christmas Holiday. Bloomberg Median Estimate is 3.3%. Tax Bill Continues to Drive Equities Higher All three major indices closed at record highs again today on continued exuberance for the expected passing of the Tax Reform Bill. The 10yr on the run treasury note closed at a price of 98-25 (down about 9 ticks) and a yield of 2.39% (up about 4bps). The Current Spot 10yr swap rate closed at 2.38% (up 3.7bps on the day). Oil closed down about 0.3% on the day.