WHAT MOVED THE MARKET THE BIGGEST STORIES THAT MATTERED FOR THE MARKET LAST MONTH...
late this year or early next year, that’s two out of three – and they are agenda items likely to get the business dollars flowing. However, 2018 kicks us back into an election year and opposition to everything and anything on either side of the aisle goes way up. So if they can’t get this done by early next year, the Republican growth agenda could become a 2019 event. June 27 & 28 Central bank rhetoric takes a hawkish turn European Central Bank (ECB) President Mario Draghi implied there is potential for the ECB to begin a stimulus withdrawal later this year... Throughout the first half of this year, Mr. Draghi had resisted calls by government leaders and other ECB governors – Germany, notably – to recognize Eurozone growth and act accordingly via stimulus withdrawal and/or rate hikes. Now a different picture is being painted. Bank of England Governor Mark Carney also caught the markets by surprise by saying that rates in the U.K. could soon be headed higher. Bank of Canada Governor Stephen Poloz echoed similar sentiment, reiterating that the bank may be considering higher interest rates.
July 10 Senate health care reform opposition swells to 14 With Democrats opposed to the Senate’s version of the Affordable Care Act reform bill, the GOP could only afford to lose two votes out of 52 members in the Senate and still pass it via the reconciliation process. From the outset, however, the bill had five Republican Senators opposed. Despite multiple attempts by Senate Majority Leader Mitch McConnell to try and rally the troops to support the legislation, they went into the July recess without passage. This is one of the big three catalysts (the other two being tax reform and infrastructure spending) for the administration’s growth agenda. July 9 Tax reform keeps getting pushed out Treasury Secretary Steven Mnuchin originally predicted a tax reform bill by early August. That turned to late August. Then August turned into September. Now, the party line is by year end. The deadline keeps extending... and the growth agenda is taking longer than expected. If the GOP can get tax reform and infrastructure spending implemented Upon returning, the number of Senators in opposition to the bill swelled to 14.
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16 | July 2017
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