04/02/2017

Equities Ignore Trump Chaos - Q1 Was The Calmest Market In A Decade

Tyler Durden, Zero Hedge

One glance at the shocking headlines over the first quarter of 2017 and one would imagine intense volatility in the world's capital markets - from the leader of the free world being 'managed' by Putin to North Korean Nukes; and from Fed rate hikes to the rise of populism in Europe. But that would be entirely wrong - Q1 2017 was the calmest for US stocks since 2006...

Just a week ago, it looked as if the dormant CBOE Volatility Index was awakening.

Fast-forward five days, as Bloomberg reports, VIX is closing in on its lowest quarterly average since the final months of 2006.  The measure has lost 18 percent this year through Thursday as the S&P 500 Index climbed 5.8 percent.

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Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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