What you need to know on Wall Street today

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What you need to know on Wall Street today

Donald Trump

REUTERS/Joshua Roberts

U.S. President Donald Trump scratches his head during a press conference with Spanish Prime Minister Mariano Rajoy in the Rose Garden at the White House in Washington, U.S., September 26, 2017.

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On February 9, President Donald Trump told a gathering of manufacturing CEOs at the White House he would release something in "two or three weeks" that would be "phenomenal in terms of tax."

Almost eight months later, that tax plan is finally here - most of it, at least.

Trump and the "Big Six" group of Republican tax negotiators on Wednesday rolled out the most detailed look yet at the plan. It is the opening salvo of what is likely to be a long process to attempt to overhaul the tax code.

Here's what you need to know:

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Elsewhere in Wall Street news, a $96 billion fund firm created an artificial intelligence hedge fund, but freaked out when it couldn't explain how it made money. Mike Novogratz, the former chief investment officer at $72 billion fund firm Fortress, is starting a $500 million cryptocurrency hedge fund. And Morgan Stanley CEO James Gorman says bitcoin is "more than just a fad."

In corporate news:

Lastly, here's everything that could cause the next financial crisis, according to Deutsche Bank.