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Good morning.

Here’s what you need to know:

A Republican win …

• With House and Senate negotiators reaching an agreement on a final version of their rewrite of the tax code, the party is closing in on its first major legislative achievement since assuming political control this year.

Final votes on the revised legislation, whose overall cost remains unclear, could come next week.

On Wednesday, the Federal Reserve predicted that the measure would modestly increase economic growth for the next few years without stoking inflation.

• One thing the debate over the tax overhaul has shown: the peril Americans face in making financial decisions based on the tax code.