Wall Street Will be Watching President Trump’s Speech Closely
It’s not an official State of the Union Address but tonight President Donald Trump will deliver his first speech before a joint session of Congress, where he is expected to put more focus on his economic and political agenda, while outlining which campaign promises, on which he has followed through. Paying special attention to President’s Trump’s speech tonight will be Wall St. as investors try to get a sense on whether his “pro-business” agenda will become a reality.
Quincy Krosby, who is a market strategist at Prudential Financial told CNBC that Trump’s speech will basically come down to two issues when it comes to what Wall Street expects: Scaling back government regulations & tax reform.
“The market has embraced pro-growth, pro-business. At the very core of that embrace is tax reform, it is scaling back regulation. The market wants to make sure that, that agenda is still a top priority. This particular speech has taken on a more prominent role for the market than it has in the past. It’s important, but it’s not where he’s going to get into specifics. This has become a must-see for the markets. There is a growing worry that the Trump agenda is running into resistance. Right now, the market has accepted the fact that it’s going to take longer, that there’s the typical horse trading you get around an agenda like this. It’s not going to be smooth sailing and quickly implemented.”
Among the issues and topics President Trump is expected to address tonight are: Healthcare and repealing the Affordable Care Act (Obamacare); An increase of ($54 billion dollars) in the U.S. Defense budget; and budget cuts in departments such as the Environmental Protection Agency (EPA), the State Department, and both the National Endowment for the Arts (NEA) & the Corporation for Public Broadcasting (CPB) -which funds PBS & NPR.
See more from CNBC below on what Wall Street is thinking on the day of of Trump’s big speech.
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