Weekly Market Commentary 11/10/2017

As expected, significant fissures opened up between the House and Senate plans to overhaul the tax code, as evidenced by some major differences in the two versions unveiled by the tax-writing committees in both chambers this week. Republican lawmakers are still confident that a bill will be cobbled together by the end of the year, hopefully bundled as a Christmas present to the public. Whether that confidence is justified remains to be seen, but Republican losses in key elections on Tuesday make it even more imperative for the GOP to prove they can successfully pass important legislation, something that has eluded them so far.