The headline on this from earleir is here:
It drove a flurry of buyers into the US dollar. The impact has since dissipated and non_USD FX is bouncing back.
Axios has more detail on Lutnick’s remarks:
- Commerce Secretary Howard Lutnick said Wednesday evening President Trump’s goal is to “abolish” the Internal Revenue Service (IRS)
- remarks on Fox News
- IRS is reportedly poised to lay off thousands of workers
Lutnick quote:
- “Think about it, Donald Trump announces the External Revenue Service, and his goal is very simple … his goal is to abolish the Internal Revenue Service and let all the outsiders pay”
“External Revenue Service” is to oversee tariffs and other potential foreign revenue.
Lutnick is no dummy, he is former chairman and CEO of Cantor Fitzgerald.
This article was written by Eamonn Sheridan at www.forexlive.com.
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