And BMO's Lyngen said that "those....>

US TSYS/STOCKS: And BMO's Lyngen said that "those anticipating a major

resteepening selloff" in Tsys "upon the completion of the reconciliation process

and final stages of tax reform, might be disappointed unless the Treasury market

rallies further from here (presumably on prospects for the deal to stall)."

- Lyngen said that "we've posed the question previously 'when is a tax cut

really a tax hike?' and while our observation was initially addressed at higher

effective taxes for certain consumers subsidizing lower taxes for corporations,

the (corporate) AMT adds another important dimension to the issue. All cynicism

aside, it's difficult to imagine that the corporate AMT problem isn't resolved

quickly; after all including the provision would make the tax reform far less

relevant. If the GOP's intension is to deliver the first major victory ahead of

the mid-term elections, this seems like more than just a procedural hiccup."