Mr Draghi added that this meant that the ECB staff and its council were "cautious" in the "bold" stance of inflation. 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. Market is generally believed that tax reform important progress and good economic data pushed up investor optimism about the U.S. economy growth, coupled with a near record levels of long positions covering, some traders selling positions betting on further flattening of the yield curve, lead to long-term Treasury yields climbed sharply this week. Any transaction can be seen as a contract between the two parties. The so-called transaction cost can be seen as the cost of the transaction contract. According to Mr Coase and others, a type of transaction costs arise from the accidental factors that occur when a deal is signed. These incidental factors may not be written into the contract due to the fact that they could not be foreseen in advance, or although they could be foreseen, they could not be written into the contract due to too many factors. Another type of transaction costs is the signing of contracts and the cost of monitoring and enforcing contracts. The new classic "perfect" price mechanism