The Internal Revenue Service and the Treasury Department have issued final rules blocking certain states’ attempts to work around the new $10,000 cap for state and local tax deductions.

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^{"Fade the futures.” That’s market jargon for going against the financial futures market, in this case the contracts on what the federal-funds rate will be in months hence. The market is betting on multiple reductions in the Federal Reserve’s main interest-rate target later this year. The trouble is, the futures market was just as certain late last year that multiple rate increases were ahead.}