Trump’s speech in front of Congress to garner an incremental level of fanfare – RBC CM

According to the analysts at RBC Capital Markets, President Trump’s speech in front of Congress (prime-time) is garnering an incremental level of fanfare given the prospect for a more detailed time line on key fiscal initiatives (especially tax reform).

Key Quotes

“While Treasury Secretary Mnuchin recently noted that the administration would like to get tax reform off the ground by the August recess, he stopped short of providing a detailed outline. News reports suggest that White House officials view this speech as an opportunity for the President to pass the policy baton to Congress (after a multitude of unilateral executive actions thus far).”

“Accordingly, it’s expected that Trump will outline key fiscal initiatives for 2017. Consensus is that tax policy is an H1 2018 event at the earliest, and therefore any concrete impact on these expectations from Trump’s speech could be market-moving.”