The initial euphoria about the planned US tax reform seems to have disappeared for the time being. Investors are now increasingly concerned about the negative effects of financing and the possibility that the massive tax cuts could force the Fed to step up the pace of interest rate hikes provided for a sustained short-term consolidation phase in the stock markets. In addition, the US debt ceiling is coming back into focus after the budget dispute was temporarily postponed at the beginning of September thanks to the agreement on interim financing.
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