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. 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. "We're seeing more and more frantic promotions and discounts on the streets this week," she said. "the impact on consumers is not what it used to be." Savers can see "good products" from these emerging Banks next year, especially in the long-term fixed bond market, says Rachel Springall of Moneyfacts.