Weekly Price Changes Mar 3-10, 2017
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A deficit-neutral budget in the US will significantly contribute to market stability by keeping interest rates low. Achieving this will be difficult.
Immigration legislation, repealing Obamacare, the outcome of the French election, even a small war or two, all become less threatening if they happen without causing public sector deficits to rise, pulling interest rates along higher in the process.
The US budget is coming out piecemeal, firstly the departmental budgets as Trump rushes to get his troops in place. Changes to corporate tax rates and infrastructure programs are still unknkown parts of the budget expected to be clarified within weeks. This week's commentary focuses on the latest pre-budget comments from the Trump administraton regarding infrastructure spending and taxation reduction plans and this implications this has for market and interest rates.
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