One Year Later - REF, MRT, ENF, KEY, FC
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Markets wobbled last week, but only for just a few hours. A 350 point drop in the Dow was triggered when the Mueller investigation landed a guilty plea from a senior government official and once close confidant to Trump. Markets temporarily dropped, wondering who's next. Markets also shrugged off another missile test from North Korea. Both caused temporary blips only. In the near term at least, it appears it will take something more than this to knock markets off stride.
Offsetting a possible Presidential impeachment and the threat of nuclear war were some powerful economic happenings. The euphoria over the US Budget passing the first House; the benefits from falling energy prices and endless technological advancements that continuously exploit greater economic efficiencies.
There are however longer term factors, say mid 2018, that could be become troublesome. Having burned through the low hanging fruit of major budget cuts, the sequels will become more difficult for the Trump administration. Another is the eventual composition of the US Central Bank policy committees, and what this means for market liquidity, a third will be if the tax cuts in the US truly generate the touted economic growth. Comments this week focus on these possible developments, including checking how much markets have recovered since the Global Financial Crisis.
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