USA - Tax reform expected to be unveiled today

       The US tax reform is expected to be unveiled today and analysts at BBH remain struck by how fluid the issues seemed to up until the last moment.

      “Even the one-day delay, while not material, makes for poor optics.  The market will have a knee-jerk reaction to the headlines as markers are placed on expected winners and losers.  Sharp moves are unwarranted, as it is very early on in the process.  Health care reform also passed committee.  The immediate reaction to initial proposals may create opportunities for investors looking for particular assets (either to buy or to sell).”