The bond chief at a $5.7 trillion firm says tax reform is the biggest story in markets
Business Insider executive editor Sara Silverstein talks to Jeff Rosenberg, chief fixed-income strategist at BlackRock, about tax reform, which he views as the most important market driver going forward. He says that a lot is still unknown it, since we're so early in the process, but advises people to not get hung up on the current state of the proposal, since so much could change. Rosenberg stresses the difference between supply-side tax reform, which would grow the economy's productive capacity, and demand-side stimulus. He highlights corporate tax cuts and investment spending as essential to supply-side reform, and says that stimulating demand alone would be a mistake, as it could catalyze the end of the current economic cycle.