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Michael Zezas, an analyst at Morgan Stanley, also said the tax legislation would be a boon to the market in the short term, but may not be able to make fundamental changes. The current flattening of the us Treasury yield curve shows that the medium-term slowdown in the us economy and the recession of 2019 are not going away. A tax reform would widen the fiscal deficit, possibly in the future and exacerbate cyclical risks in the economy. To do this, monetary and fiscal policymakers must work together, including letting the central bank liquidate its budget deficit in extreme circumstances. But central bank independence is an obstacle, not a help, in working with the financial sector. Diversification of securities, the establishment of a scientific and effective portfolio of securities; “With the government-commissioned Taylor Review noting this abuse, we’re hopeful that 2018 will be the year of action on fair pay for agency workers.”