Mnuchin says legislation needed for capital gains tax cut

That's a change in stance and it's weighing on the dollar

The Trump administration for years has been floating the idea of indexing capital gains to inflation. That picked up again this week and was briefly a tailwind for stock markets to start the week.

Mnuchin's comment here evidently confirms that the White House has decided that unilaterally indexing capital gains isn't possible and says it will take legislation. That's not going to happen in the current congress and is very unlikely so long as Democrats control the House.

So the short story here is that it's dead.

The US dollar is falling on this headline.